x | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |
For the Quarterly Period Ended: March 31, 2013 | ||
o | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware (State or other jurisdiction of incorporation or organization) | (609) 524-4500 (Registrants' telephone number, including area code) | |
211 Carnegie Center, Princeton, New Jersey (Address of principal executive offices) | 08540 (Zip Code) |
GenOn Energy, Inc. | o | Yes | o | No | |
GenOn Americas Generation, LLC | o | Yes | o | No | |
GenOn Mid-Atlantic, LLC | o | Yes | o | No |
GenOn Energy, Inc. | x | Yes | o | No | |
GenOn Americas Generation, LLC | x | Yes | o | No | |
GenOn Mid-Atlantic, LLC | x | Yes | o | No |
Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller reporting company | |
GenOn Energy, Inc. | o | o | x | o |
GenOn Americas Generation, LLC | o | o | x | o |
GenOn Mid-Atlantic, LLC | o | o | x | o |
(Do not check if a smaller reporting company) |
GenOn Energy, Inc. | o | Yes | x | No | |
GenOn Americas Generation, LLC | o | Yes | x | No | |
GenOn Mid-Atlantic, LLC | o | Yes | x | No |
Registrant | Parent | ||
GenOn Energy, Inc. | NRG Energy, Inc. | ||
GenOn Americas Generation, LLC | GenOn Americas, Inc. | ||
GenOn Mid-Atlantic, LLC | GenOn North America, LLC |
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATON | ||
GLOSSARY OF TERMS | ||
PART II — OTHER INFORMATION | ||
• | General economic conditions, changes in the wholesale power markets and fluctuations in the cost of fuel; |
• | Volatile power supply costs and demand for power; |
• | 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 the Registrants may not have adequate insurance to cover losses as a result of such hazards; |
• | The effectiveness of the Registrants’ risk management policies and procedures, and the ability of the Registrants’ counterparties to satisfy their financial commitments; |
• | Counterparties' collateral demands and other factors affecting the Registrants' liquidity position and financial condition; |
• | The Registrants’ ability to operate their businesses efficiently, manage capital expenditures and costs tightly, and generate earnings and cash flows from their asset-based businesses in relation to their debt and other obligations; |
• | The Registrants’ ability to enter into contracts to sell power and procure fuel on acceptable terms and prices; |
• | The liquidity and competitiveness of wholesale markets for energy commodities; |
• | Government regulation, including compliance with regulatory requirements and changes in market rules, rates, tariffs and environmental laws and increased regulation of carbon dioxide and other greenhouse gas emissions; |
• | Price mitigation strategies and other market structures employed by ISOs or RTOs that result in a failure to adequately compensate the Registrants’ generation units for all of their costs; |
• | The Registrants’ ability to borrow additional funds and access capital markets, as well as GenOn’s substantial indebtedness and the possibility that the Registrants may incur additional indebtedness going forward; |
• | Operating and financial restrictions placed on the Registrants and their subsidiaries that are contained in the indentures governing GenOn’s outstanding notes, and in debt and other agreements of certain of the Registrants’ subsidiaries and project affiliates generally; |
• | The Registrants’ ability to implement their strategy of developing and building new power generation facilities; |
• | The Registrants’ ability to implement their strategy of finding ways to meet the challenges of climate change, clean air and protecting natural resources while taking advantage of business opportunities; |
• | The Registrants’ ability to implement their strategy of increasing the return on invested capital through operational performance improvements and a range of initiatives at plants and corporate offices to reduce costs or generate revenues; |
• | The Registrants’ ability to successfully evaluate investments in new business and growth initiatives; |
• | The Registrants’ ability to successfully integrate and manage any acquired businesses; |
• | The Registrants' ability to integrate the businesses and realize cost savings related to the NRG Merger; and |
• | The Registrants’ ability to develop and maintain successful partnering relationships. |
2012 Form 10-K | The Registrants' Annual Report on Form 10-K for the year ended December 31, 2012 | |
Ancillary Services | Services that ensure reliability and support the transmission of electricity from generation sites to customer loads. Such services include regulation service, reserves and voltage support | |
ASC | The FASB Accounting Standards Codification, which the FASB established as the source of authoritative U.S. GAAP | |
ASU | Accounting Standards Updates – updates to the ASC | |
Bankruptcy Court | United States, Bankruptcy Court for the Northern District of Texas, Fort Worth Division | |
CAA | Clean Air Act | |
CenterPoint | CenterPoint Energy, Inc. and its subsidiaries, on and after August 31, 2002, and Reliant Energy, Incorporated and its subsidiaries prior to August 31, 2002 | |
Clean Water Act | Federal Water Pollution Control Act | |
Deactivation | Includes retirement, mothballing and long-term protective layup. In each instance, the deactivated unit cannot be currently called upon to generate electricity. | |
EPA | United States Environmental Protection Agency | |
Exchange Act | The Securities Exchange Act of 1934, as amended | |
FASB | Financial Accounting Standards Board | |
FERC | Federal Energy Regulatory Commission | |
GenOn | GenOn Energy, Inc. and, except where the context indicates otherwise, its subsidiaries | |
GenOn Americas | GenOn Americas, Inc. | |
GenOn Americas Generation | GenOn Americas Generation, LLC and, except where the context indicates otherwise, its subsidiaries | |
GenOn Energy Holdings | GenOn Energy Holdings, Inc. and, except where the context indicates otherwise, its subsidiaries | |
GenOn Marsh Landing | GenOn Marsh Landing, LLC | |
GenOn Mid-Atlantic | GenOn Mid-Atlantic, LLC and, except where the context indicates otherwise, its subsidiaries, which include the coal generation units at two generating facilities under operating leases | |
GenOn North America | GenOn North America, LLC | |
ISO | Independent System Operator, also referred to as Regional Transmission Organization, or RTO | |
LIBOR | London Inter-Bank Offered Rate | |
Long-term protective layup | A descriptive term for GenOn's plans with respect to the Shawville coal-fired units, including retiring the units from service in accordance with the PJM tariff, maintenance of the units in accordance with the lease requirements and continued payment of the lease rent. Although the units are not decommissioned and reactivation remains a technical possibility, GenOn does not expect to make any further investment in environmental controls for the units. Further, reactivation after the long-term protective layup would likely involve numerous new permits and substantial additional investment. | |
MATS | Mercurty and Air Toxics Standards promulgated by the EPA | |
MC Asset Recovery | MC Asset Recovery, LLC | |
MDE | Maryland Department of the Environment | |
Mirant | GenOn Energy Holdings, Inc. (formerly known as Mirant Corporation) and, except where the context indicates otherwise, its subsidiaries | |
Mirant/RRI Merger | The merger completed on December 3, 2010 pursuant to the Mirant/RRI Merger Agreement | |
Mirant/RRI Merger Agreement | The agreements by and among Mirant Corporation, RRI Energy, Inc. and RRI Energy Holdings, Inc. dated as of April 11, 2010 | |
Mirant Debtors | GenOn Energy Holdings, Inc. (formerly known as Mirant Corporation) and certain of its subsidiaries | |
MISO | Midwest Independent Transmission System Operator, Inc. | |
MMBtu | Million British Thermal Units |
MW | Megawatt | |
MWh | Saleable megawatt hours net of internal/parasitic load megawatt-hours | |
NAAQS | National Ambient Air Quality Standards | |
Net Exposure | Counterparty credit exposure to GenOn, GenOn Americas Generation or GenOn Mid-Atlantic, as applicable, net of collateral | |
NJDEP | New Jersey Department of Environmental Protection | |
NOL | Net Operating Loss | |
NOV | Notice of violation | |
NOx | Nitrogen oxide | |
NPDES | National pollutant discharge elimination system | |
NPNS | Normal Purchase Normal Sale | |
NRG | NRG Energy, Inc. and, except where the context indicates otherwise, its subsidiaries | |
NRG Merger | The merger completed on December 14, 2012 pursuant to the NRG Merger Agreement | |
NRG Merger Agreement | Agreement and Plan of Merger by and among NRG Energy, Inc., Plus Merger Corporation and GenOn Energy, Inc. dated as of July 20, 2012 | |
NSR | New Source Review | |
OCI | Other comprehensive income | |
PADEP | Pennsylvania Department of Environmental Protection | |
PJM | PJM Interconnection, LLC | |
PJM market | The wholesale and retail electric market operated by PJM primarily in all or parts of Delaware, the District of Columbia, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia and West Virginia | |
Plan | The plan of reorganization that was approved in conjunction with Mirant Corporation's emergence from bankruptcy protection on January 3, 2006 | |
Registrants | GenOn, GenOn Americas Generation and GenOn Mid-Atlantic, collectively | |
Repowering | Technologies utilized to replace, rebuild or redevelop major portions of an existing electrical generating facility, not only to achieve a substantial emission reduction, but also to increase facility capacity, and improve system efficiency | |
Retirement | The unit has been removed from service and is unavailable for service and not expected to return to service in the future. | |
RGGI | Regional Greenhouse Gas Initiative | |
RMR | Reliability Must-Run | |
RRI Energy | RRI Energy, Inc. | |
RTO | Regional Transmission Organization | |
Securities Act | The Securities Act of 1933, as amended | |
SO2 | Sulfur dioxide | |
Southern Company | The Southern Company | |
U.S. | United States of America | |
U.S. GAAP | Accounting principles generally accepted in the United States |
Successor | Predecessor | |||||||
Three months ended | Three months ended | |||||||
March 31, 2013 | March 31, 2012 | |||||||
(In millions) | (In millions) | |||||||
Operating Revenues | ||||||||
Operating revenues | $ | 424 | $ | 721 | ||||
Operating revenues — affiliate | 6 | — | ||||||
Total operating revenues | 430 | 721 | ||||||
Operating Costs and Expenses | ||||||||
Cost of operations | 350 | 528 | ||||||
Cost of operations — affiliate | 140 | — | ||||||
Depreciation and amortization | 59 | 88 | ||||||
Selling, general and administrative | 33 | 50 | ||||||
Selling, general and administrative — affiliate | 17 | — | ||||||
Acquisition-related transaction and integration costs | 19 | — | ||||||
Total operating costs and expenses | 618 | 666 | ||||||
Operating (Loss)/Income | (188 | ) | 55 | |||||
Other Income/(Expense) | ||||||||
Other income, net | 2 | 2 | ||||||
Interest expense | (44 | ) | (89 | ) | ||||
Interest expense — affiliate | (3 | ) | — | |||||
Total other expense | (45 | ) | (87 | ) | ||||
Loss Before Income Taxes | (233 | ) | (32 | ) | ||||
Income tax | — | — | ||||||
Net Loss | $ | (233 | ) | $ | (32 | ) |
Successor | Predecessor | |||||||
Three months ended | Three months ended | |||||||
March 31, 2013 | March 31, 2012 | |||||||
(In millions) | (In millions) | |||||||
Net Loss | $ | (233 | ) | $ | (32 | ) | ||
Other comprehensive income net of reclassifications, net of tax of $0: | ||||||||
Unrealized gain on derivatives | 2 | 4 | ||||||
Defined benefit plans | — | 1 | ||||||
Other comprehensive income | 2 | 5 | ||||||
Comprehensive loss | $ | (231 | ) | $ | (27 | ) |
March 31, 2013 | December 31, 2012 | ||||||
(unaudited) | |||||||
(In millions) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 873 | $ | 825 | |||
Funds deposited by counterparties | 105 | 140 | |||||
Restricted cash | 21 | 18 | |||||
Accounts receivable — trade | 124 | 138 | |||||
Inventory | 451 | 450 | |||||
Derivative instruments | 489 | 596 | |||||
Derivative instruments — affiliate | 25 | 8 | |||||
Cash collateral paid in support of energy risk management activities | 154 | 148 | |||||
Prepayments and other current assets | 243 | 216 | |||||
Total current assets | 2,485 | 2,539 | |||||
Property, plant and equipment, net of accumulated depreciation of $67 and $9 | 3,967 | 3,946 | |||||
Other Assets | |||||||
Intangible assets, net | 74 | 68 | |||||
Derivative instruments | 395 | 511 | |||||
Derivative instruments — affiliate | 1 | 1 | |||||
Deferred income taxes | 198 | 209 | |||||
Other non-current assets | 162 | 232 | |||||
Total other assets | 830 | 1,021 | |||||
Total Assets | $ | 7,282 | $ | 7,506 | |||
LIABILITIES AND STOCKHOLDER'S EQUITY | |||||||
Current Liabilities | |||||||
Current portion of long-term debt and capital leases | $ | 40 | $ | 32 | |||
Accounts payable | 183 | 188 | |||||
Accounts payable — affiliate | 32 | 6 | |||||
Derivative instruments | 235 | 237 | |||||
Derivative instruments — affiliate | 27 | 8 | |||||
Deferred income taxes | 198 | 209 | |||||
Cash collateral received in support of energy risk management activities | 105 | 140 | |||||
Accrued expenses and other current liabilities | 358 | 346 | |||||
Total current liabilities | 1,178 | 1,166 | |||||
Other Liabilities | |||||||
Long-term debt and capital leases | 4,182 | 4,167 | |||||
Derivative instruments | 118 | 123 | |||||
Derivative instruments — affiliate | 2 | 1 | |||||
Out-of-market contracts | 1,046 | 1,062 | |||||
Other non-current liabilities | 590 | 591 | |||||
Total non-current liabilities | 5,938 | 5,944 | |||||
Total Liabilities | 7,116 | 7,110 | |||||
Commitments and Contingencies | |||||||
Stockholder's Equity | |||||||
Common stock: $0.001 par value, 1 share authorized and issued at March 31, 2013 and December 31, 2012 | — | — | |||||
Additional paid-in capital | 467 | 466 | |||||
Accumulated deficit | (305 | ) | (72 | ) | |||
Accumulated other comprehensive income | 4 | 2 | |||||
Total Stockholder's Equity | 166 | 396 | |||||
Total Liabilities and Stockholder's Equity | $ | 7,282 | $ | 7,506 |
Successor | Predecessor | |||||||
Three months ended | Three months ended | |||||||
March 31, 2013 | March 31, 2012 | |||||||
(In millions) | (In millions) | |||||||
Cash Flows from Operating Activities | ||||||||
Net loss | $ | (233 | ) | $ | (32 | ) | ||
Adjustments to reconcile net loss to net cash provided/(used) by operating activities: | ||||||||
Depreciation and amortization | 59 | 88 | ||||||
Amortization of financing costs and debt discount/premiums | (21 | ) | 4 | |||||
Amortization of acquired and out-of-market contracts | (16 | ) | (8 | ) | ||||
Amortization of unearned equity compensation | 5 | 3 | ||||||
Gain on disposals and sales of assets | — | (8 | ) | |||||
Changes in derivative instruments | 221 | (100 | ) | |||||
Excess materials and supplies inventory reserve | — | 35 | ||||||
Lower of cost or market inventory adjustments | — | 46 | ||||||
Advance settlement of out-of-market contract obligation | — | (20 | ) | |||||
Other, net | — | 2 | ||||||
Changes in collateral deposits supporting energy risk management activities | (6 | ) | (6 | ) | ||||
Cash provided/(used) by changes in other working capital | 121 | (26 | ) | |||||
Net Cash Provided/(Used) by Operating Activities | 130 | (22 | ) | |||||
Cash Flows from Investing Activities | ||||||||
Capital expenditures | (107 | ) | (87 | ) | ||||
Proceeds from sale of assets, net | — | 12 | ||||||
(Increase)/decrease in restricted cash, net | (5 | ) | 2 | |||||
Purchase of emission allowances, net of proceeds | (14 | ) | — | |||||
Net Cash Used by Investing Activities | (126 | ) | (73 | ) | ||||
Cash Flows from Financing Activities | ||||||||
Proceeds from issuance of long-term debt | 45 | 45 | ||||||
Payments for short and long-term debt | (1 | ) | (2 | ) | ||||
Net Cash Provided by Financing Activities | 44 | 43 | ||||||
Net Increase/(Decrease) in Cash and Cash Equivalents | 48 | (52 | ) | |||||
Cash and Cash Equivalents at Beginning of Period | 825 | 1,539 | ||||||
Cash and Cash Equivalents at End of Period | $ | 873 | $ | 1,487 | ||||
Supplemental Disclosures | ||||||||
Interest paid, net of amounts capitalized | $ | — | $ | 11 | ||||
Income taxes paid, net of refunds received | $ | — | $ | 2 |
Successor | Predecessor | |||||||
Three months ended | Three months ended | |||||||
March 31, 2013 | March 31, 2012 | |||||||
(In millions) | (In millions) | |||||||
Operating Revenues | ||||||||
Operating revenues | $ | 399 | $ | 682 | ||||
Operating revenues — affiliate | 133 | (30 | ) | |||||
Total operating revenues | 532 | 652 | ||||||
Operating Costs and Expenses | ||||||||
Cost of operations | 219 | 260 | ||||||
Cost of operations — affiliate | 328 | 266 | ||||||
Depreciation and amortization | 21 | 40 | ||||||
Selling, general and administrative | 1 | 5 | ||||||
Selling, general and administrative — affiliate | 20 | 16 | ||||||
Total operating costs and expenses | 589 | 587 | ||||||
Operating (Loss)/Income | (57 | ) | 65 | |||||
Other Expense | ||||||||
Interest expense | (16 | ) | (18 | ) | ||||
Interest expense — affiliate | (2 | ) | (1 | ) | ||||
Total other expense | (18 | ) | (19 | ) | ||||
(Loss)/Income Before Income Taxes | (75 | ) | 46 | |||||
Income tax | — | — | ||||||
Net (Loss)/Income | $ | (75 | ) | $ | 46 |
March 31, 2013 | December 31, 2012 | ||||||
(unaudited) | |||||||
(In millions) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 283 | $ | 148 | |||
Accounts receivable — trade | 111 | 125 | |||||
Note receivable — affiliate | 167 | 198 | |||||
Inventory | 244 | 239 | |||||
Derivative instruments | 489 | 596 | |||||
Derivative instruments — affiliate | 86 | 60 | |||||
Cash collateral paid in support of energy risk management activities | 99 | 91 | |||||
Prepayments and other current assets | 37 | 62 | |||||
Total current assets | 1,516 | 1,519 | |||||
Property, plant and equipment, net of accumulated depreciation of $24 and $4 | 1,320 | 1,327 | |||||
Other Assets | |||||||
Intangible assets, net | 73 | 66 | |||||
Derivative instruments | 394 | 511 | |||||
Derivative instruments — affiliate | 34 | 25 | |||||
Other non-current assets | 13 | 13 | |||||
Total other assets | 514 | 615 | |||||
Total Assets | $ | 3,350 | $ | 3,461 | |||
LIABILITIES AND MEMBER'S EQUITY | |||||||
Current Liabilities | |||||||
Current portion of long-term debt and capital leases | $ | 5 | $ | 5 | |||
Accounts payable | 66 | 69 | |||||
Accounts payable — affiliate | 110 | 71 | |||||
Derivative instruments | 220 | 228 | |||||
Derivative instruments — affiliate | 101 | 134 | |||||
Cash collateral received in support of energy risk management activities | 105 | 140 | |||||
Accrued expenses and other current liabilities | 95 | 72 | |||||
Total current liabilities | 702 | 719 | |||||
Other Liabilities | |||||||
Long-term debt and capital leases | 952 | 955 | |||||
Derivative instruments | 82 | 82 | |||||
Derivative instruments — affiliate | 39 | 51 | |||||
Out-of-market contracts | 533 | 539 | |||||
Other non-current liabilities | 103 | 103 | |||||
Total non-current liabilities | 1,709 | 1,730 | |||||
Total Liabilities | 2,411 | 2,449 | |||||
Commitments and Contingencies | |||||||
Member’s Equity | |||||||
Member’s interest | 939 | 1,012 | |||||
Total Member’s Equity | 939 | 1,012 | |||||
Total Liabilities and Member’s Equity | $ | 3,350 | $ | 3,461 |
Successor | Predecessor | |||||||
Three months ended | Three months ended | |||||||
March 31, 2013 | March 31, 2012 | |||||||
(In millions) | (In millions) | |||||||
Cash Flows from Operating Activities | ||||||||
Net (loss)/income | $ | (75 | ) | $ | 46 | |||
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 21 | 40 | ||||||
Amortization of debt premiums | (2 | ) | — | |||||
Amortization of out-of-market contracts | (6 | ) | — | |||||
Loss on disposals and sales of assets | 3 | — | ||||||
Changes in derivative instruments | 135 | (49 | ) | |||||
Excess materials and supplies inventory reserve | — | 6 | ||||||
Lower of cost or market inventory adjustments | — | 25 | ||||||
Changes in collateral deposits supporting energy risk management activities | (43 | ) | 81 | |||||
Cash provided by changes in other working capital | 102 | (31 | ) | |||||
Net Cash Provided by Operating Activities | 135 | 118 | ||||||
Cash Flows from Investing Activities | ||||||||
Capital expenditures | (16 | ) | (22 | ) | ||||
Decrease in notes receivable - affiliate | 31 | 18 | ||||||
Purchase of emission allowances, net of proceeds | (14 | ) | — | |||||
Net Cash Provided/(Used) by Investing Activities | 1 | (4 | ) | |||||
Cash Flows from Financing Activities | ||||||||
Payments for short and long-term debt | (1 | ) | (1 | ) | ||||
Increase of notes payable-affiliate | — | 15 | ||||||
Net Cash (Used)/Provided by Financing Activities | (1 | ) | 14 | |||||
Net Increase in Cash and Cash Equivalents | 135 | 128 | ||||||
Cash and Cash Equivalents at Beginning of Period | 148 | 267 | ||||||
Cash and Cash Equivalents at End of Period | $ | 283 | $ | 395 |
Successor | Predecessor | |||||||
Three months ended | Three months ended | |||||||
March 31, 2013 | March 31, 2012 | |||||||
(In millions) | (In millions) | |||||||
Operating Revenues | ||||||||
Operating revenues | $ | (40 | ) | $ | 127 | |||
Operating revenues — affiliate | 138 | 193 | ||||||
Total operating revenues | 98 | 320 | ||||||
Operating Costs and Expenses | ||||||||
Cost of operations | 51 | 64 | ||||||
Cost of operations — affiliate | 87 | 142 | ||||||
Depreciation and amortization | 16 | 29 | ||||||
Selling, general and administrative — affiliate | 16 | 12 | ||||||
Total operating costs and expenses | 170 | 247 | ||||||
Operating (Loss)/Income | (72 | ) | 73 | |||||
Other Expense | ||||||||
Interest expense — affiliate | (1 | ) | (1 | ) | ||||
Total other expense | (1 | ) | (1 | ) | ||||
(Loss)/Income Before Income Taxes | (73 | ) | 72 | |||||
Income tax | — | — | ||||||
Net (Loss)/Income | $ | (73 | ) | $ | 72 |
March 31, 2013 | December 31, 2012 | ||||||
(unaudited) | |||||||
(In millions) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 283 | $ | 135 | |||
Accounts receivable — trade | 2 | 4 | |||||
Inventory | 176 | 150 | |||||
Derivative instruments | 277 | 285 | |||||
Derivative instruments — affiliate | 62 | 109 | |||||
Prepayments and other current assets | 20 | 44 | |||||
Total current assets | 820 | 727 | |||||
Property, plant and equipment, net of accumulated depreciation of $19 and $4 | 1,218 | 1,220 | |||||
Other Assets | |||||||
Intangible assets, net | 1 | 1 | |||||
Derivative instruments | 268 | 351 | |||||
Derivative instruments — affiliate | 87 | 104 | |||||
Total other assets | 356 | 456 | |||||
Total Assets | $ | 2,394 | $ | 2,403 | |||
LIABILITIES AND MEMBER'S EQUITY | |||||||
Current Liabilities | |||||||
Current portion of long-term debt and capital leases | $ | 5 | $ | 5 | |||
Accounts payable | 24 | 16 | |||||
Accounts payable — affiliate | 35 | 2 | |||||
Derivative instruments | 15 | 3 | |||||
Derivative instruments — affiliate | 70 | 97 | |||||
Cash collateral received in support of energy risk management activities | 105 | 57 | |||||
Accrued taxes and other current liabilities | 41 | 38 | |||||
Total current liabilities | 295 | 218 | |||||
Other Liabilities | |||||||
Long-term debt and capital leases | 8 | 9 | |||||
Derivative instruments | 6 | — | |||||
Derivative instruments — affiliate | 42 | 55 | |||||
Out-of-market contracts | 533 | 539 | |||||
Other non-current liabilities | 57 | 56 | |||||
Total non-current liabilities | 646 | 659 | |||||
Total Liabilities | 941 | 877 | |||||
Commitments and Contingencies | |||||||
Member’s Equity | |||||||
Member’s interest | 1,453 | 1,526 | |||||
Total Member’s Equity | 1,453 | 1,526 | |||||
Total Liabilities and Member’s Equity | $ | 2,394 | $ | 2,403 |
Successor | Predecessor | |||||||
Three months ended | Three months ended | |||||||
March 31, 2013 | March 31, 2012 | |||||||
(In millions) | (In millions) | |||||||
Cash Flows from Operating Activities | ||||||||
Net (loss)/income | $ | (73 | ) | $ | 72 | |||
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 16 | 29 | ||||||
Amortization of out-of-market contracts | (6 | ) | — | |||||
Loss on disposals and sales of assets | 3 | — | ||||||
Changes in derivative instruments | 133 | (42 | ) | |||||
Excess materials and supplies inventory reserve | — | 4 | ||||||
Lower of cost or market inventory adjustments | — | 25 | ||||||
Changes in collateral deposits supporting energy risk management activities | 48 | — | ||||||
Cash provided/(used) by changes in other working capital | 41 | (19 | ) | |||||
Net Cash Provided by Operating Activities | 162 | 69 | ||||||
Cash Flows from Investing Activities | ||||||||
Capital expenditures | (13 | ) | (17 | ) | ||||
Net Cash Used by Investing Activities | (13 | ) | (17 | ) | ||||
Cash Flows from Financing Activities | ||||||||
Payments for short and long-term debt | (1 | ) | (1 | ) | ||||
Net Cash Used by Financing Activities | (1 | ) | (1 | ) | ||||
Net Increase in Cash and Cash Equivalents | 148 | 51 | ||||||
Cash and Cash Equivalents at Beginning of Period | 135 | 68 | ||||||
Cash and Cash Equivalents at End of Period | $ | 283 | $ | 119 |
GenOn | |||
(In millions) | |||
Liabilities | |||
Other current and non-current liabilities | $ | 17 | |
Total liabilities | $ | 17 |
As of March 31, 2013 | As of December 31, 2012 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
(In millions) | |||||||||||||||
Long-term debt, including current portion | $ | 4,209 | $ | 4,237 | $ | 4,185 | $ | 4,195 |
As of March 31, 2013 | As of December 31, 2012 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
(In millions) | |||||||||||||||
Long-term debt, including current portion | $ | 944 | $ | 970 | $ | 946 | $ | 953 |
As of March 31, 2013 | |||||||||||||||
Fair Value | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(In millions) | |||||||||||||||
Derivative assets: | |||||||||||||||
Commodity contracts | $ | 122 | $ | 753 | $ | 35 | $ | 910 | |||||||
Derivative liabilities: | |||||||||||||||
Commodity contracts | $ | 36 | $ | 258 | $ | 41 | $ | 335 | |||||||
Interest rate contracts | — | 47 | — | 47 | |||||||||||
Total liabilities | $ | 36 | $ | 305 | $ | 41 | $ | 382 | |||||||
Other assets (a) | $ | 44 | $ | — | $ | — | $ | 44 |
(a) | Primarily consists of mutual funds held in a rabbi trusts for non-qualified deferred compensation plans for certain former employees. |
As of December 31, 2012 | |||||||||||||||
Fair Value | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(In millions) | |||||||||||||||
Derivative assets: | |||||||||||||||
Commodity contracts | $ | 139 | $ | 946 | $ | 31 | $ | 1,116 | |||||||
Derivative liabilities: | |||||||||||||||
Commodity contracts | $ | 52 | $ | 253 | $ | 14 | $ | 319 | |||||||
Interest rate contracts | — | 50 | — | 50 | |||||||||||
Total liabilities | $ | 52 | $ | 303 | $ | 14 | $ | 369 | |||||||
Other assets (a) | $ | 43 | $ | — | $ | — | $ | 43 |
(a) | Primarily consists of mutual funds held in a rabbi trusts for non-qualified deferred compensation plans for certain former employees. |
Successor | Predecessor | |||||||
Three months ended March 31, 2013 | Three months ended March 31, 2012 | |||||||
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | |||||||
Derivatives (a) | Derivatives (a) | |||||||
(In millions) | (In millions) | |||||||
Balance as of beginning of period | $ | 17 | $ | (31 | ) | |||
Total gains and losses (realized/unrealized) included in earnings (b) | (3 | ) | (11 | ) | ||||
Purchases | (4 | ) | — | |||||
Settlements | (16 | ) | 6 | |||||
Balance as of end of period | $ | (6 | ) | $ | (36 | ) | ||
The amount of the total losses for the period included in earnings attributable to the change in unrealized derivatives relating to assets still held at March 31 | $ | (13 | ) | $ | (5 | ) |
(a) | Consists of derivatives assets and liabilities, net. |
As of March 31, 2013 | |||||||||||||||
Fair Value | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(In millions) | |||||||||||||||
Derivative assets: | |||||||||||||||
Commodity contracts | $ | 144 | $ | 824 | $ | 35 | $ | 1,003 | |||||||
Derivative liabilities: | |||||||||||||||
Commodity contracts | $ | 87 | $ | 314 | $ | 41 | $ | 442 |
As of December 31, 2012 | |||||||||||||||
Fair Value | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(In millions) | |||||||||||||||
Derivative assets: | |||||||||||||||
Commodity contracts | $ | 170 | $ | 991 | $ | 31 | $ | 1,192 | |||||||
Derivative liabilities: | |||||||||||||||
Commodity contracts | $ | 123 | $ | 358 | $ | 14 | $ | 495 |
Successor | Predecessor | |||||||
Three months ended March 31, 2013 | Three months ended March 31, 2012 | |||||||
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | |||||||
Derivatives (a) | Derivatives (a) | |||||||
(In millions) | (In millions) | |||||||
Balance as of beginning of period | $ | 17 | $ | (32 | ) | |||
Total gains and losses (realized/unrealized) included in earnings (b) | (3 | ) | (6 | ) | ||||
Purchases | (4 | ) | — | |||||
Settlements | (16 | ) | 8 | |||||
Balance as of end of period | $ | (6 | ) | $ | (30 | ) | ||
The amount of the total gains/(losses) for the period included in earnings attributable to the change in unrealized derivatives relating to assets still held at March 31 | $ | (13 | ) | $ | 1 |
As of March 31, 2013 | |||||||||||||||
Fair Value | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(In millions) | |||||||||||||||
Derivative assets: | |||||||||||||||
Commodity contracts | $ | 69 | $ | 624 | $ | 1 | $ | 694 | |||||||
Derivative liabilities: | |||||||||||||||
Commodity contracts | $ | 11 | $ | 115 | $ | 7 | $ | 133 |
As of December 31, 2012 | |||||||||||||||
Fair Value | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(In millions) | |||||||||||||||
Derivative assets: | |||||||||||||||
Commodity contracts | $ | 63 | $ | 778 | $ | 8 | $ | 849 | |||||||
Derivative liabilities: | |||||||||||||||
Commodity contracts | $ | 16 | $ | 138 | $ | 1 | $ | 155 |
Successor | Predecessor | |||||||
Three months ended March 31, 2013 | Three months ended March 31, 2012 | |||||||
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | |||||||
Derivatives (a) | Derivatives (a) | |||||||
(In millions) | (In millions) | |||||||
Balance as of beginning of period | $ | 7 | $ | (64 | ) | |||
Total gains and losses (realized/unrealized) included in earnings (b) | (2 | ) | (43 | ) | ||||
Purchases | (4 | ) | — | |||||
Settlements | (7 | ) | 19 | |||||
Balance as of end of period | $ | (6 | ) | $ | (88 | ) | ||
The amount of the total losses for the period included in earnings attributable to the change in unrealized derivatives relating to assets still held at March 31 | $ | (7 | ) | $ | (25 | ) |
(a) | Consists of derivatives assets and liabilities, net. |
(b) | Contracts entered into are reported with total gains and losses included in earnings in the predecessor periods. |
As of March 31, 2013 | As of December 31, 2012 | ||||||
(In millions) | |||||||
GenOn | $ | 1 | $ | 4 | |||
GenOn Americas Generation | 2 | 4 | |||||
GenOn Mid-Atlantic | 4 | 4 |
Category | Net Exposure (a) (% of Total) | |
Financial institutions | 61 | % |
Utilities, energy merchants, marketers and other | 25 | % |
ISOs | 13 | % |
Coal | 1 | % |
Total as of March 31, 2013 | 100 | % |
Category | Net Exposure (a) (% of Total) | |
Investment grade | 99 | % |
Non-investment grade | 1 | % |
Total as of March 31, 2013 | 100 | % |
(a) | Counterparty credit exposure excludes transportation contracts because of the unavailability of market prices. |
Category | Net Exposure (a) (% of Total) | |
Financial institutions | 61 | % |
Utilities, energy merchants, marketers and other | 24 | % |
ISOs | 14 | % |
Coal | 1 | % |
Total as of March 31, 2013 | 100 | % |
Category | Net Exposure (a) (% of Total) | |
Investment grade | 99 | % |
Non-investment grade | 1 | % |
Total as of March 31, 2013 | 100 | % |
Category | Net Exposure (a) (% of Total) | |
Financial institutions | 100 | % |
Category | Net Exposure (a) (% of Total) | |
Investment grade | 100 | % |
GenOn | GenOn Americas Generation | GenOn Mid-Atlantic | ||||||||||||||||||||||
Total Volume | Total Volume | Total Volume | ||||||||||||||||||||||
As of March 31, 2013 | As of December 31, 2012 | As of March 31, 2013 | As of December 31, 2012 | As of March 31, 2013 | As of December 31, 2012 | |||||||||||||||||||
Commodity | Units | (In millions) | ||||||||||||||||||||||
Coal | Short Ton | 5 | 5 | 4 | 4 | 4 | 4 | |||||||||||||||||
Natural Gas | MMBtu | (187) | (194) | (145) | (150) | (137) | (150) | |||||||||||||||||
Power | MWh | (37) | (43) | (19) | (22) | (19) | (22) | |||||||||||||||||
Interest | Dollars | $ | 475 | $ | 475 | $ | — | $ | — | $ | — | $ | — |
Fair Value | |||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||
March 31, 2013 | December 31, 2012 | March 31, 2013 | December 31, 2012 | ||||||||||||
(In millions) | |||||||||||||||
Derivatives Designated as Cash Flow Hedges: | |||||||||||||||
Interest rate contracts current | $ | — | $ | — | $ | (11 | ) | $ | (9 | ) | |||||
Interest rate contracts long-term | — | — | (36 | ) | (41 | ) | |||||||||
Total Derivatives Designated as Cash Flow Hedges | — | — | (47 | ) | (50 | ) | |||||||||
Derivatives Not Designated as Cash Flow Hedges: | |||||||||||||||
Commodity contracts current | 514 | 604 | (251 | ) | (236 | ) | |||||||||
Commodity contracts long-term | 396 | 512 | (84 | ) | (83 | ) | |||||||||
Total Derivatives Not Designated as Cash Flow Hedges | 910 | 1,116 | (335 | ) | (319 | ) | |||||||||
Total Derivatives | $ | 910 | $ | 1,116 | $ | (382 | ) | $ | (369 | ) |
Fair Value | |||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||
March 31, 2013 | December 31, 2012 | March 31, 2013 | December 31, 2012 | ||||||||||||
(In millions) | |||||||||||||||
Derivatives Not Designated as Cash Flow Hedges: | |||||||||||||||
Commodity contracts current | $ | 576 | $ | 656 | $ | (321 | ) | $ | (362 | ) | |||||
Commodity contracts long-term | 428 | 536 | (121 | ) | (133 | ) | |||||||||
Total Derivatives Not Designated as Cash Flow Hedges | $ | 1,004 | $ | 1,192 | $ | (442 | ) | $ | (495 | ) |
Fair Value | |||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||
March 31, 2013 | December 31, 2012 | March 31, 2013 | December 31, 2012 | ||||||||||||
(In millions) | |||||||||||||||
Derivatives Not Designated as Cash Flow Hedges: | |||||||||||||||
Commodity contracts current | $ | 339 | $ | 394 | $ | (85 | ) | $ | (100 | ) | |||||
Commodity contracts long-term | 355 | 455 | (48 | ) | (55 | ) | |||||||||
Total Derivatives Not Designated as Cash Flow Hedges | $ | 694 | $ | 849 | $ | (133 | ) | $ | (155 | ) |
Gross Amounts Not Offset in the Statement of Financial Position | ||||||||||||||||
Description | Gross Amounts of Recognized Assets / Liabilities | Derivative Instruments | Cash Collateral (Held) / Posted | Net Amount | ||||||||||||
(In millions) | ||||||||||||||||
March 31, 2013 | ||||||||||||||||
Commodity contracts: | ||||||||||||||||
Derivative assets | $ | 884 | $ | (264 | ) | $ | (184 | ) | $ | 436 | ||||||
Derivative assets - affiliate | 26 | (26 | ) | — | — | |||||||||||
Derivative liabilities | (306 | ) | 264 | — | (42 | ) | ||||||||||
Derivative liabilities - affiliate | (29 | ) | 26 | — | (3 | ) | ||||||||||
Total commodity contracts | 575 | — | (184 | ) | 391 | |||||||||||
Interest rate contracts: | ||||||||||||||||
Derivative liabilities | (47 | ) | — | — | (47 | ) | ||||||||||
Total derivative instruments | $ | 528 | $ | — | $ | (184 | ) | $ | 344 |
Gross Amounts Not Offset in the Statement of Financial Position | ||||||||||||||||
Description | Gross Amounts of Recognized Assets / Liabilities | Derivative Instruments | Cash Collateral (Held) / Posted | Net Amount | ||||||||||||
March 31, 2013 | (In millions) | |||||||||||||||
Commodity contracts: | ||||||||||||||||
Derivative assets | $ | 883 | $ | (263 | ) | $ | (184 | ) | $ | 436 | ||||||
Derivative assets - affiliate | 121 | (121 | ) | — | — | |||||||||||
Derivative liabilities | (302 | ) | 263 | — | (39 | ) | ||||||||||
Derivative liabilities - affiliate | (140 | ) | 121 | — | (19 | ) | ||||||||||
Total derivative instruments | $ | 562 | $ | — | $ | (184 | ) | $ | 378 |
Gross Amounts Not Offset in the Statement of Financial Position | ||||||||||||||||
Description | Gross Amounts of Recognized Assets / Liabilities | Derivative Instruments | Cash Collateral (Held) / Posted | Net Amount | ||||||||||||
March 31, 2013 | (In millions) | |||||||||||||||
Commodity contracts: | ||||||||||||||||
Derivative assets | $ | 545 | $ | (21 | ) | $ | (105 | ) | $ | 419 | ||||||
Derivative assets - affiliate | 149 | (112 | ) | — | 37 | |||||||||||
Derivative liabilities | (21 | ) | 21 | — | — | |||||||||||
Derivative liabilities - affiliate | (112 | ) | 112 | — | — | |||||||||||
Total derivative instruments | $ | 561 | $ | — | $ | (105 | ) | $ | 456 |
Gross Amounts Not Offset in the Statement of Financial Position | ||||||||||||||||
Description | Gross Amounts of Recognized Assets / Liabilities | Derivative Instruments | Cash Collateral (Held) / Posted | Net Amount | ||||||||||||
December 31, 2012 | (In millions) | |||||||||||||||
Commodity contracts: | ||||||||||||||||
Derivative assets | $ | 1,107 | $ | (260 | ) | $ | (243 | ) | $ | 604 | ||||||
Derivative assets - affiliate | 9 | (9 | ) | — | — | |||||||||||
Derivative liabilities | (310 | ) | 260 | 1 | (49 | ) | ||||||||||
Derivative liabilities - affiliate | (9 | ) | 9 | — | — | |||||||||||
Total commodity contracts | 797 | — | (242 | ) | 555 | |||||||||||
Interest rate contracts: | ||||||||||||||||
Derivative liabilities | (50 | ) | — | — | (50 | ) | ||||||||||
Total derivative instruments | $ | 747 | $ | — | $ | (242 | ) | $ | 505 |
Gross Amounts Not Offset in the Statement of Financial Position | ||||||||||||||||
Description | Gross Amounts of Recognized Assets / Liabilities | Derivative Instruments | Cash Collateral (Held) / Posted | Net Amount | ||||||||||||
December 31, 2012 | (In millions) | |||||||||||||||
Commodity contracts: | ||||||||||||||||
Derivative assets | $ | 1,107 | $ | (260 | ) | $ | (243 | ) | $ | 604 | ||||||
Derivative assets - affiliate | 85 | (85 | ) | — | — | |||||||||||
Derivative liabilities | (310 | ) | 260 | 1 | (49 | ) | ||||||||||
Derivative liabilities - affiliate | (185 | ) | 85 | — | (100 | ) | ||||||||||
Total derivative instruments | $ | 697 | $ | — | $ | (242 | ) | $ | 455 |
Gross Amounts Not Offset in the Statement of Financial Position | ||||||||||||||||
Description | Gross Amounts of Recognized Assets / Liabilities | Derivative Instruments | Cash Collateral (Held) / Posted | Net Amount | ||||||||||||
December 31, 2012 | (In millions) | |||||||||||||||
Commodity contracts: | ||||||||||||||||
Derivative assets | $ | 636 | $ | (3 | ) | $ | (57 | ) | $ | 576 | ||||||
Derivative assets - affiliate | 213 | (152 | ) | — | 61 | |||||||||||
Derivative liabilities | (3 | ) | 3 | — | — | |||||||||||
Derivative liabilities - affiliate | (152 | ) | 152 | — | — | |||||||||||
Total derivative instruments | $ | 694 | $ | — | $ | (57 | ) | $ | 637 |
Successor | Predecessor | |||||||
Three months ended March 31, 2013 | Three months ended March 31, 2012 | |||||||
(In millions) | (In millions) | |||||||
Accumulated OCI balance, beginning of period | $ | 1 | $ | (34 | ) | |||
Recognized in OCI on interest rate derivatives | 2 | 4 | ||||||
Reclassified from accumulated OCI into earnings(a)(b) | (1 | ) | — | |||||
Accumulated OCI balance, end of period | $ | 2 | $ | (30 | ) |
(a) | Amounts reclassified from accumulated OCI into income and amounts recognized in income from the ineffective portion of cash flow hedges are recorded in interest expense. |
(b) | All of the forecasted transactions (future interest payments) were deemed probable of occurring; therefore, no cash flow hedges were discontinued and no amount was recognized in GenOn’s results of operations as a result of discontinued cash flow hedges. |
Successor | Predecessor | |||||||
Three months ended March 31, 2013 | Three months ended March 31, 2012 | |||||||
(In millions) | (In millions) | |||||||
Unrealized mark-to-market results | ||||||||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | $ | (98 | ) | $ | (129 | ) | ||
Net unrealized (losses)/gains on open positions related to economic hedges | (123 | ) | 236 | |||||
Total unrealized mark-to-market (losses)/gains for economic hedging activities | (221 | ) | 107 | |||||
Reversal of previously recognized unrealized gains on settled positions related to trading activity | (3 | ) | (3 | ) | ||||
Net unrealized gains/(losses) on open positions related to trading activity | 2 | (4 | ) | |||||
Total unrealized mark-to-market losses for trading activity | (1 | ) | (7 | ) | ||||
Total unrealized (losses)/gains | $ | (222 | ) | $ | 100 |
Successor | Predecessor | |||||||
Three months ended March 31, 2013 | Three months ended March 31, 2012 | |||||||
(In millions) | (In millions) | |||||||
Revenue from operations — energy commodities | $ | (235 | ) | $ | 143 | |||
Cost of operations | 13 | (43 | ) | |||||
Total impact to statements of operations | $ | (222 | ) | $ | 100 |
Successor | Predecessor | |||||||
Three months ended March 31, 2013 | Three months ended March 31, 2012 | |||||||
(In millions) | (In millions) | |||||||
Unrealized mark-to-market results | ||||||||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | $ | (74 | ) | $ | (100 | ) | ||
Net unrealized (losses)/gains on open positions related to economic hedges | (60 | ) | 156 | |||||
Total unrealized mark-to-market (losses)/gains for economic hedging activities | (134 | ) | 56 | |||||
Reversal of previously recognized unrealized gains on settled positions related to trading activity | (3 | ) | (3 | ) | ||||
Net unrealized gains/(losses) on open positions related to trading activity | 2 | (4 | ) | |||||
Total unrealized mark-to-market losses for trading activity | (1 | ) | (7 | ) | ||||
Total unrealized (losses)/gains | $ | (135 | ) | $ | 49 |
Successor | Predecessor | |||||||
Three months ended March 31, 2013 | Three months ended March 31, 2012 | |||||||
(In millions) | (In millions) | |||||||
Revenue from operations — energy commodities | $ | (151 | ) | $ | 75 | |||
Cost of operations | 16 | (26 | ) | |||||
Total impact to statements of operations | $ | (135 | ) | $ | 49 |
Successor | Predecessor | |||||||
Three months ended March 31, 2013 | Three months ended March 31, 2012 | |||||||
(In millions) | (In millions) | |||||||
Unrealized mark-to-market results | ||||||||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | $ | (74 | ) | $ | (101 | ) | ||
Net unrealized (losses)/gains on open positions related to economic hedges | (59 | ) | 143 | |||||
Total unrealized (losses)/gains | $ | (133 | ) | $ | 42 |
Successor | Predecessor | |||||||
Three months ended March 31, 2013 | Three months ended March 31, 2012 | |||||||
(In millions) | (In millions) | |||||||
Revenue from operations — energy commodities | $ | (148 | ) | $ | 67 | |||
Cost of operations | 15 | (25 | ) | |||||
Total impact to statements of operations | $ | (133 | ) | $ | 42 |
Successor | Three months ended March 31, 2013 | ||||||||||||||||||||||
East | South Central | West | Corporate | Elimination | Total | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating revenues | $ | 379 | $ | — | $ | 40 | $ | 5 | $ | — | $ | 424 | |||||||||||
Operating revenues—affiliate | — | 6 | — | — | — | 6 | |||||||||||||||||
Depreciation and amortization | 44 | 1 | 11 | 3 | — | 59 | |||||||||||||||||
Loss before income taxes | (135 | ) | (6 | ) | (20 | ) | (72 | ) | — | (233 | ) | ||||||||||||
Net loss | $ | (135 | ) | $ | (6 | ) | $ | (20 | ) | $ | (72 | ) | $ | — | $ | (233 | ) | ||||||
Total assets | $ | 4,677 | $ | 218 | $ | 951 | $ | 1,436 | $ | — | $ | 7,282 |
Predecessor | Three months ended March 31, 2012 | ||||||||||||||||||||||
East | South Central | West | Corporate | Elimination | Total | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating revenues | $ | 686 | $ | — | $ | 35 | $ | — | $ | — | $ | 721 | |||||||||||
Depreciation and amortization | 69 | 3 | 11 | 5 | — | 88 | |||||||||||||||||
Income/(loss) before income taxes | 76 | (4 | ) | (9 | ) | (95 | ) | — | (32 | ) | |||||||||||||
Net income/(loss) | $ | 76 | $ | (4 | ) | $ | (9 | ) | $ | (95 | ) | $ | — | $ | (32 | ) |
Successor | Three months ended March 31, 2013 | ||||||||||||||||||||||
East | South Central | West | Corporate | Elimination | Total | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating revenues | $ | 376 | $ | — | $ | 23 | $ | — | $ | — | $ | 399 | |||||||||||
Operating revenues—affiliate | 133 | — | — | — | — | 133 | |||||||||||||||||
Depreciation and amortization | 19 | — | 2 | — | — | 21 | |||||||||||||||||
(Loss)/income before income taxes | (60 | ) | — | 8 | (23 | ) | — | (75 | ) | ||||||||||||||
Net (loss)/income | $ | (60 | ) | $ | — | $ | 8 | $ | (23 | ) | $ | — | $ | (75 | ) | ||||||||
Total assets | $ | 2,865 | $ | — | $ | 172 | $ | 313 | $ | — | $ | 3,350 |
Predecessor | Three months ended March 31, 2012 | ||||||||||||||||||||||
East | South Central | West | Corporate | Elimination | Total | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating revenues | $ | 651 | $ | — | $ | 31 | $ | — | $ | — | $ | 682 | |||||||||||
Operating revenues—affiliate | (29 | ) | — | (1 | ) | — | — | (30 | ) | ||||||||||||||
Depreciation and amortization | 35 | — | 4 | 1 | — | 40 | |||||||||||||||||
Income/(loss) before income taxes | 66 | — | — | (20 | ) | — | 46 | ||||||||||||||||
Net income/(loss) | $ | 66 | $ | — | $ | — | $ | (20 | ) | $ | — | $ | 46 |
Successor | Predecessor | |||||||
Three months ended March 31, 2013 | Three months ended March 31, 2012 | |||||||
(In millions except otherwise noted) | (In millions except otherwise noted) | |||||||
Loss before income taxes | $ | (233 | ) | $ | (32 | ) | ||
Income tax | — | — | ||||||
Effective tax rate | 0 | % | 0 | % |
Successor | Predecessor | |||||||
Three months ended March 31, 2013 | Three months ended March 31, 2012 | |||||||
(In millions) | (In millions) | |||||||
Direct costs: | ||||||||
Cost of operations — affiliate | $ | 36 | $ | 41 | ||||
Allocated costs: | ||||||||
Cost of operations — affiliate | 4 | 9 | ||||||
Selling, general and administrative — affiliate | 20 | 16 | ||||||
Total | $ | 60 | $ | 66 |
Successor | Predecessor | |||||||
Three months ended March 31, 2013 | Three months ended March 31, 2012 | |||||||
(In millions) | (In millions) | |||||||
Direct costs: | ||||||||
Cost of operations — affiliate | $ | 23 | $ | 24 | ||||
Allocated costs: | ||||||||
Cost of operations — affiliate | 3 | 4 | ||||||
Selling, general and administrative — affiliate | 16 | 12 | ||||||
Total | $ | 42 | $ | 40 |
Successor | Predecessor | |||||||||
(In millions except otherwise noted) | Three months ended March 31, 2013 | Three months ended March 31, 2012 | Change % | |||||||
Operating Revenues | ||||||||||
Energy revenue (a) | $ | 484 | $ | 389 | 24% | |||||
Capacity revenue (a) | 162 | 174 | (7)% | |||||||
Mark-to-market for economic hedging activities | (234 | ) | 150 | N/M | ||||||
Other revenues (b) | 18 | 8 | 125% | |||||||
Total operating revenues | 430 | 721 | (40)% | |||||||
Operating Costs and Expenses | ||||||||||
Generation cost of sales (a) | 291 | 247 | 18% | |||||||
Mark-to-market for economic hedging activities | (13 | ) | 43 | (130)% | ||||||
Contract and emissions credit amortization | (7 | ) | (12 | ) | (42)% | |||||
Other cost of operations | 219 | 250 | (12)% | |||||||
Total cost of operations | 490 | 528 | (7)% | |||||||
Depreciation and amortization | 59 | 88 | (33)% | |||||||
Selling, general and administrative | 33 | 50 | (34)% | |||||||
Selling, general and administrative - affiliate | 17 | — | N/M | |||||||
Acquisition-related transaction and integration costs | 19 | — | N/M | |||||||
Total operating costs and expenses | 618 | 666 | (7)% | |||||||
Operating (Loss)/Income | (188 | ) | 55 | N/M | ||||||
Other Income/(Expense) | ||||||||||
Other income, net | 2 | 2 | —% | |||||||
Interest expense | (47 | ) | (89 | ) | (47)% | |||||
Total other expense | (45 | ) | (87 | ) | (48)% | |||||
Loss Before Income Taxes | (233 | ) | (32 | ) | N/M | |||||
Income taxes | — | — | —% | |||||||
Net Loss | $ | (233 | ) | $ | (32 | ) | N/M | |||
Business Metrics | ||||||||||
Average natural gas price — Henry Hub ($/MMBtu) | $ | 3.34 | $ | 2.74 | 22% | |||||
MWh sold (in thousands) | 5,303 | 5,661 | ||||||||
MWh generated (in thousands) | 5,303 | 5,686 |
(a) | Includes realized gains and losses from financially settled transactions. |
(b) | Includes unrealized trading gains and losses. |
Successor | Predecessor | ||||||||||
(In millions) | Three months ended March 31, 2013 | Three months ended March 31, 2012 | Change % | ||||||||
Energy revenue | $ | 484 | $ | 389 | 24 | % | |||||
Capacity revenue | 162 | 174 | (7 | )% | |||||||
Other revenues | 18 | 8 | 125 | % | |||||||
Generation revenue | 664 | 571 | 16 | % | |||||||
Generation cost of sales | 291 | 247 | 18 | % | |||||||
Generation gross margin | $ | 373 | $ | 324 | 15 | % |
(In millions) | |||
Higher gross margin from coal plants due to increase in generation and higher power prices | $ | 29 | |
Higher gross margin from an increase in generation at Bowline due to fewer outages in 2013 | 16 | ||
Other | 4 | ||
$ | 49 |
Successor | Predecessor | |||||||
(In millions) | Three months ended March 31, 2013 | Three months ended March 31, 2012 | ||||||
Mark-to-market results in operating revenues | ||||||||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | $ | (113 | ) | $ | (156 | ) | ||
Net unrealized (losses)/gains on open positions related to economic hedges | (121 | ) | 306 | |||||
Total mark-to-market (losses)/gains in operating revenues | $ | (234 | ) | $ | 150 | |||
Mark-to-market results in operating costs and expenses | ||||||||
Reversal of previously recognized unrealized losses on settled positions related to economic hedges | 15 | 27 | ||||||
Net unrealized losses on open positions related to economic hedges | (2 | ) | (70 | ) | ||||
Total mark-to-market gains/(losses) in operating costs and expenses | $ | 13 | $ | (43 | ) |
Successor | Predecessor | |||||||
(In millions) | Three months ended March 31, 2013 | Three months ended March 31, 2012 | ||||||
Trading losses | ||||||||
Realized | $ | — | $ | (5 | ) | |||
Unrealized | (1 | ) | (7 | ) | ||||
Total trading losses | $ | (1 | ) | $ | (12 | ) |
(In millions) | |||
Decrease as prior year included inventory reserves for units already deactivated or scheduled to be deactivated | $ | (35 | ) |
Decrease due to the revaluation of operating lease liabilities in acquisition accounting in December 2012 | (14 | ) | |
Reflects the reclassification of fuel handling expense from cost of sales to other operating costs as a result of policy alignment | 11 | ||
Other | 7 | ||
$ | (31 | ) |
(In millions) | |||
Amortization of adjustments to fair value of debt | $ | (23 | ) |
Decrease for GenOn senior term loan | (10 | ) | |
Decrease for higher capitalized interest | (5 | ) | |
Increase for GenOn Marsh Landing senior term loans | 3 | ||
Other | (7 | ) | |
$ | (42 | ) |
Successor | Predecessor | ||||||||||
(In millions except otherwise noted) | Three months ended March 31, 2013 | Three months ended March 31, 2012 | Change % | ||||||||
Operating Revenues | |||||||||||
Energy revenue (a) | $ | 472 | $ | 384 | 23 | % | |||||
Capacity revenue (a) | 151 | 153 | (1 | )% | |||||||
Mark-to-market for economic hedging activities | (150 | ) | 82 | N/M | |||||||
Other revenues (b) | 59 | 33 | 79 | % | |||||||
Total operating revenues | 532 | 652 | (18 | )% | |||||||
Operating Costs and Expenses | |||||||||||
Generation cost of sales (a) | 457 | 381 | 20 | % | |||||||
Mark-to-market for economic hedging activities | (16 | ) | 26 | N/M | |||||||
Other cost of operations | 106 | 119 | (11 | )% | |||||||
Total cost of operations | 547 | 526 | 4 | % | |||||||
Depreciation and amortization | 21 | 40 | (48 | )% | |||||||
Selling, general and administrative | 21 | 21 | — | % | |||||||
Total operating costs and expenses | 589 | 587 | — | % | |||||||
Operating (Loss)/Income | (57 | ) | 65 | N/M | |||||||
Other Expense | |||||||||||
Interest expense | (18 | ) | (19 | ) | (5 | )% | |||||
Total other expense | (18 | ) | (19 | ) | (5 | )% | |||||
(Loss)/Income Before Income Taxes | (75 | ) | 46 | N/M | |||||||
Income taxes | — | — | — | % | |||||||
Net (Loss)/Income | $ | (75 | ) | $ | 46 | N/M | |||||
Business Metrics | |||||||||||
Average natural gas price — Henry Hub ($/MMBtu) | $ | 3.34 | $ | 2.74 | 22 | % | |||||
MWh sold (in thousands) | 2,641 | 1,827 | |||||||||
MWh generated (in thousands) | 2,641 | 1,821 |
Successor | Predecessor | ||||||||||
(In millions) | Three months ended March 31, 2013 | Three months ended March 31, 2012 | Change % | ||||||||
Energy revenue | $ | 472 | $ | 384 | 23 | % | |||||
Capacity revenue | 151 | 153 | (1 | )% | |||||||
Other revenues | 59 | 33 | 79 | % | |||||||
Generation revenue | 682 | 570 | 20 | % | |||||||
Generation cost of sales | 457 | 381 | 20 | % | |||||||
Generation gross margin | $ | 225 | $ | 189 | 19 | % |
(In millions) | |||
Higher gross margin from an increase in generation at Bowline due to fewer outages in 2013 | $ | 16 | |
Higher gross margin from an increase in physical sales, primarily for Hunterstown and Choctaw | 18 | ||
Other | 2 | ||
$ | 36 |
Successor | Predecessor | |||||||
(In millions) | Three months ended March 31, 2013 | Three months ended March 31, 2012 | ||||||
Mark-to-market results in operating revenues | ||||||||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | $ | (89 | ) | $ | (125 | ) | ||
Net unrealized (losses)/gains on open positions related to economic hedges | (61 | ) | 207 | |||||
Total mark-to-market (losses)/gains in operating revenues | (150 | ) | 82 | |||||
Mark-to-market results in operating costs and expenses | ||||||||
Reversal of previously recognized unrealized losses on settled positions related to economic hedges | 15 | 25 | ||||||
Net unrealized gains/(losses) on open positions related to economic hedges | 1 | (51 | ) | |||||
Total mark-to-market gains/(losses) in operating costs and expenses | $ | 16 | $ | (26 | ) |
Successor | Predecessors | |||||||
(In millions) | Three months ended March 31, 2013 | Three months ended March 31, 2012 | ||||||
Trading losses | ||||||||
Realized | $ | — | $ | (5 | ) | |||
Unrealized | (1 | ) | (7 | ) | ||||
Total trading losses | $ | (1 | ) | $ | (12 | ) |
(In millions) | |||
Decrease due to the revaluation of operating lease liabilities in acquisition accounting in December 2012 | (12 | ) | |
Other | (1 | ) | |
$ | (13 | ) |
Successor | Predecessor | ||||||||||
(In millions except otherwise noted) | Three months ended March 31, 2013 | Three months ended March 31, 2012 | Change % | ||||||||
Operating Revenues | |||||||||||
Energy revenue (a) | $ | 192 | $ | 203 | (5 | )% | |||||
Capacity revenue (a) | 54 | 46 | 17 | % | |||||||
Mark-to-market for economic hedging activities | (148 | ) | 67 | N/M | |||||||
Other revenues | — | 4 | (100 | )% | |||||||
Total operating revenues | 98 | 320 | (69 | )% | |||||||
Operating Costs and Expenses | |||||||||||
Generation cost of sales (a) | 77 | 90 | (14 | )% | |||||||
Mark-to-market for economic hedging activities | (15 | ) | 25 | N/M | |||||||
Other cost of operations | 76 | 91 | (16 | )% | |||||||
Total cost of operations | 138 | 206 | (33 | )% | |||||||
Depreciation and amortization | 16 | 29 | (45 | )% | |||||||
Selling, general and administrative — affiliate | 16 | 12 | 33 | % | |||||||
Total operating costs and expenses | 170 | 247 | (31 | )% | |||||||
Operating (Loss)/Income | (72 | ) | 73 | N/M | |||||||
Other Expense | |||||||||||
Interest expense | (1 | ) | (1 | ) | — | % | |||||
Total other expense | (1 | ) | (1 | ) | — | % | |||||
(Loss)/Income Before Income Taxes | (73 | ) | 72 | N/M | |||||||
Income taxes | — | — | — | % | |||||||
Net (Loss)/Income | $ | (73 | ) | $ | 72 | N/M | |||||
Business Metrics | |||||||||||
Average natural gas price — Henry Hub ($/MMBtu) | $ | 3.34 | $ | 2.74 | 22 | % | |||||
MWh sold (in thousands) | 1,905 | 1,466 | |||||||||
MWh generated (in thousands) | 1,905 | 1,466 |
Successor | Predecessor | ||||||||||
(In millions) | Three months ended March 31, 2013 | Three months ended March 31, 2012 | Change % | ||||||||
Energy revenue | $ | 192 | $ | 203 | (5 | )% | |||||
Capacity revenue | 54 | 46 | 17 | % | |||||||
Other revenues | — | 4 | (100 | )% | |||||||
Generation revenue | 246 | 253 | (3 | )% | |||||||
Generation cost of sales | 77 | 90 | (14 | )% | |||||||
Generation gross margin | $ | 169 | $ | 163 | 4 | % |
Successor | Predecessor | |||||||
(In millions) | Three months ended March 31, 2013 | Three months ended March 31, 2012 | ||||||
Mark-to-market results in operating revenues | ||||||||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | $ | (88 | ) | $ | (120 | ) | ||
Net unrealized (losses)/gains on open positions related to economic hedges | (60 | ) | 187 | |||||
Total mark-to-market (losses)/gains in operating revenues | (148 | ) | 67 | |||||
Mark-to-market results in operating costs and expenses | ||||||||
Reversal of previously recognized unrealized losses on settled positions related to economic hedges | 14 | 19 | ||||||
Net unrealized gains/(losses) on open positions related to economic hedges | 1 | (44 | ) | |||||
Total mark-to-market gains/(losses) in operating costs and expenses | $ | 15 | $ | (25 | ) |
(In millions) | |||
Decrease due to the revaluation of operating lease liabilities in acquisition accounting in December 2012 | $ | (11 | ) |
Other | (4 | ) | |
$ | (15 | ) |
Number | Description | Method of Filing | ||
31.1A1 | Rule 13a-14(a)/15d-14(a) certification of David W. Crane | Filed herewith | ||
31.2A1 | Rule 13a-14(a)/15d-14(a) certification of Kirkland B. Andrews | Filed herewith | ||
31.3A1 | Rule 13a-14(a)/15d-14(a) certification of Ronald B. Stark | Filed herewith | ||
32.A1 | Section 1350 Certification | Filed herewith | ||
101 INS | XBRL Instance Document | Filed herewith | ||
101 SCH | XBRL Taxonomy Extension Schema | Filed herewith | ||
101 CAL | XBRL Taxonomy Extension Calculation Linkbase | Filed herewith | ||
101 DEF | XBRL Taxonomy Extension Definition Linkbase | Filed herewith | ||
101 LAB | XBRL Taxonomy Extension Label Linkbase | Filed herewith | ||
101 PRE | XBRL Taxonomy Extension Presentation Linkbase | Filed herewith |
Number | Description | Method of Filing | ||
31.1A2 | Rule 13a-14(a)/15d-14(a) certification of David W. Crane | Filed herewith | ||
31.2A2 | Rule 13a-14(a)/15d-14(a) certification of Kirkland B. Andrews | Filed herewith | ||
31.3A2 | Rule 13a-14(a)/15d-14(a) certification of Ronald B. Stark | Filed herewith | ||
32.A2 | Section 1350 Certification | Filed herewith | ||
101 INS | XBRL Instance Document | Filed herewith | ||
101 SCH | XBRL Taxonomy Extension Schema | Filed herewith | ||
101 CAL | XBRL Taxonomy Extension Calculation Linkbase | Filed herewith | ||
101 DEF | XBRL Taxonomy Extension Definition Linkbase | Filed herewith | ||
101 LAB | XBRL Taxonomy Extension Label Linkbase | Filed herewith | ||
101 PRE | XBRL Taxonomy Extension Presentation Linkbase | Filed herewith |
Number | Description | Method of Filing | ||
31.1A3 | Rule 13a-14(a)/15d-14(a) certification of David W. Crane | Filed herewith | ||
31.2A3 | Rule 13a-14(a)/15d-14(a) certification of Kirkland B. Andrews | Filed herewith | ||
31.3A3 | Rule 13a-14(a)/15d-14(a) certification of Ronald B. Stark | Filed herewith | ||
32.A3 | Section 1350 Certification | Filed herewith | ||
101 INS | XBRL Instance Document | Filed herewith | ||
101 SCH | XBRL Taxonomy Extension Schema | Filed herewith | ||
101 CAL | XBRL Taxonomy Extension Calculation Linkbase | Filed herewith | ||
101 DEF | XBRL Taxonomy Extension Definition Linkbase | Filed herewith | ||
101 LAB | XBRL Taxonomy Extension Label Linkbase | Filed herewith | ||
101 PRE | XBRL Taxonomy Extension Presentation Linkbase | Filed herewith |
GENON ENERGY, INC. (Registrant) | |||
/s/ DAVID W. CRANE | |||
David W. Crane Chief Executive Officer | |||
(Principal Executive Officer) | |||
/s/ KIRKLAND B. ANDREWS | |||
Kirkland B. Andrews Chief Financial Officer | |||
(Principal Financial Officer) | |||
/s/ RONALD B. STARK | |||
Ronald B. Stark Chief Accounting Officer | |||
(Principal Accounting Officer) |
GENON AMERICAS GENERATION, LLC (Registrant) | |||
/s/ DAVID W. CRANE | |||
David W. Crane Chief Executive Officer | |||
(Principal Executive Officer) | |||
/s/ KIRKLAND B. ANDREWS | |||
Kirkland B. Andrews Chief Financial Officer | |||
(Principal Financial Officer) | |||
/s/ RONALD B. STARK | |||
Ronald B. Stark Chief Accounting Officer | |||
(Principal Accounting Officer) |
GENON MID-ATLANTIC, LLC (Registrant) | |||
/s/ DAVID W. CRANE | |||
David W. Crane Chief Executive Officer | |||
(Principal Executive Officer) | |||
/s/ KIRKLAND B. ANDREWS | |||
Kirkland B. Andrews Chief Financial Officer | |||
(Principal Financial Officer) | |||
/s/ RONALD B. STARK | |||
Ronald B. Stark Chief Accounting Officer | |||
(Principal Accounting Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of GenOn Energy, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ DAVID W. CRANE | |
David W. Crane | |
Chief Executive Officer | |
(Principal Executive Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of GenOn Americas Generation, LLC; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ DAVID W. CRANE | |
David W. Crane | |
Chief Executive Officer | |
(Principal Executive Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of GenOn Mid-Atlantic, LLC; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ DAVID W. CRANE | |
David W. Crane | |
Chief Executive Officer | |
(Principal Executive Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of GenOn Energy, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ KIRKLAND B. ANDREWS | |
Kirkland B. Andrews | |
Chief Financial Officer | |
(Principal Financial Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of GenOn Americas Generation, LLC; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ KIRKLAND B. ANDREWS | |
Kirkland B. Andrews | |
Chief Financial Officer | |
(Principal Financial Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of GenOn Mid-Atlantic, LLC; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ KIRKLAND B. ANDREWS | |
Kirkland B. Andrews | |
Chief Financial Officer | |
(Principal Financial Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of GenOn Energy, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ RONALD B. STARK | |
Ronald B. Stark | |
Chief Accounting Officer | |
(Principal Accounting Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of GenOn Americas Generation, LLC; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ RONALD B. STARK | |
Ronald B. Stark | |
Chief Accounting Officer | |
(Principal Accounting Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of GenOn Mid-Atlantic, LLC; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ RONALD B. STARK | |
Ronald B. Stark | |
Chief Accounting Officer | |
(Principal Accounting Officer) |
(1) | The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Form 10-Q. |
/s/ DAVID W. CRANE | ||
David W. Crane | ||
Chief Executive Officer | ||
(Principal Executive Officer) | ||
/s/ KIRKLAND B. ANDREWS | ||
Kirkland B. Andrews | ||
Chief Financial Officer | ||
(Principal Financial Officer) | ||
/s/ RONALD B. STARK | ||
Ronald B. Stark | ||
Chief Accounting Officer | ||
(Principal Accounting Officer) |
(1) | The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Form 10-Q. |
/s/ DAVID W. CRANE | ||
David W. Crane | ||
Chief Executive Officer | ||
(Principal Executive Officer) | ||
/s/ KIRKLAND B. ANDREWS | ||
Kirkland B. Andrews | ||
Chief Financial Officer | ||
(Principal Financial Officer) | ||
/s/ RONALD B. STARK | ||
Ronald B. Stark | ||
Chief Accounting Officer | ||
(Principal Accounting Officer) |
(1) | The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Form 10-Q. |
/s/ DAVID W. CRANE | ||
David W. Crane | ||
Chief Executive Officer | ||
(Principal Executive Officer) | ||
/s/ KIRKLAND B. ANDREWS | ||
Kirkland B. Andrews | ||
Chief Financial Officer | ||
(Principal Financial Officer) | ||
/s/ RONALD B. STARK | ||
Ronald B. Stark | ||
Chief Accounting Officer | ||
(Principal Accounting Officer) |
Accounting for Derivative Instruments and Hedging Activities (Details 3) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
GenOn Americas Generation, LLC [Member]
|
Mar. 31, 2013
GenOn and GenOn Americas Generation [Member]
|
Mar. 31, 2013
Genon [Member]
|
Mar. 31, 2013
Successor [Member]
|
Mar. 31, 2013
Successor [Member]
Revenue Expense From Operations [Member]
|
Mar. 31, 2013
Successor [Member]
Cost of operations
|
Mar. 31, 2013
Successor [Member]
GenOn Americas Generation, LLC [Member]
|
Mar. 31, 2013
Successor [Member]
GenOn Americas Generation, LLC [Member]
Revenue Expense From Operations [Member]
|
Mar. 31, 2013
Successor [Member]
GenOn Americas Generation, LLC [Member]
Cost of operations
|
Mar. 31, 2013
Successor [Member]
GenOn Mid-Atlantic, LLC [Member]
|
Mar. 31, 2013
Successor [Member]
GenOn Mid-Atlantic, LLC [Member]
Revenue Expense From Operations [Member]
|
Mar. 31, 2013
Successor [Member]
GenOn Mid-Atlantic, LLC [Member]
Cost of operations
|
Mar. 31, 2012
Predecessor [Member]
|
Mar. 31, 2012
Predecessor [Member]
Revenue Expense From Operations [Member]
|
Mar. 31, 2012
Predecessor [Member]
Cost of operations
|
Mar. 31, 2012
Predecessor [Member]
GenOn Americas Generation, LLC [Member]
|
Mar. 31, 2012
Predecessor [Member]
GenOn Americas Generation, LLC [Member]
Revenue Expense From Operations [Member]
|
Mar. 31, 2012
Predecessor [Member]
GenOn Americas Generation, LLC [Member]
Cost of operations
|
Mar. 31, 2012
Predecessor [Member]
GenOn Mid-Atlantic, LLC [Member]
|
Mar. 31, 2012
Predecessor [Member]
GenOn Mid-Atlantic, LLC [Member]
Revenue Expense From Operations [Member]
|
Mar. 31, 2012
Predecessor [Member]
GenOn Mid-Atlantic, LLC [Member]
Cost of operations
|
|
Unrealized mark-to-market results | |||||||||||||||||||||
Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges | $ (98) | $ (74) | $ (74) | $ (129) | $ (100) | $ (101) | |||||||||||||||
Net unrealized losses on open positions related to economic hedges | (123) | (60) | (59) | 236 | 156 | 143 | |||||||||||||||
Total unrealized mark-to-market gains/(losses) for economic hedging activities | (221) | (134) | 107 | 56 | |||||||||||||||||
Reversal of previously recognized unrealized losses/(gains) on settled positions related to trading activity | (3) | (3) | (3) | (3) | |||||||||||||||||
Net unrealized gains/(losses) on open positions related to trading activity | 2 | 2 | (4) | (4) | |||||||||||||||||
Total unrealized mark-to-market gains/(losses) for trading activity | (1) | (1) | (7) | (7) | |||||||||||||||||
Total unrealized gains/(losses) | (222) | (235) | 13 | (135) | (151) | 16 | (133) | (148) | 15 | 100 | 143 | (43) | 49 | 75 | (26) | 42 | 67 | (25) | |||
Impact of derivative instruments to statement of operations | |||||||||||||||||||||
Total impact to statement of operations | (222) | (235) | 13 | (135) | (151) | 16 | (133) | (148) | 15 | 100 | 143 | (43) | 49 | 75 | (26) | 42 | 67 | (25) | |||
Credit Risk Related Contingent Features | |||||||||||||||||||||
Collateral required for contracts with adequate assurance clauses in net liability positions | 29 | ||||||||||||||||||||
Collateral required for contracts with credit rating contingent features in net liability position | 8 | ||||||||||||||||||||
Derivative Net Liability Postiions Collateral Due Not Called For Under Marginable Agreements | $ 19 | $ 53 |
Basis of Presentation (Details)
|
Mar. 31, 2013
MW
|
---|---|
GenOn Americas Generation, LLC [Member]
|
|
Nature of Business [Line Items] | |
Generation capacity (in MW) | 7,850 |
GenOn Mid-Atlantic, LLC [Member]
|
|
Nature of Business [Line Items] | |
Generation capacity (in MW) | 4,680 |
Active [Member]
|
|
Nature of Business [Line Items] | |
Generation capacity (in MW) | 20,485 |
Commitments and Contingencies (Details)
|
3 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 18 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
Actions Pursued by MC Asset Recovery [Member]
Actions
|
Mar. 31, 2013
GenOn Energy Holdings [Member]
Actions Pursued by MC Asset Recovery [Member]
USD ($)
|
Mar. 31, 2013
GenOn Energy Holdings [Member]
Actions Pursued by MC Asset Recovery [Member]
EUR (€)
|
Mar. 31, 2013
GenOn Energy Holdings [Member]
Chapter Eleven Proceedings [Member]
|
Jul. 31, 2011
Pending Natural Gas Litigation [Member]
Pending Litigation [Member]
lawsuit
|
Feb. 29, 2008
Global Warming [Member]
Environmental Matters [Member]
USD ($)
company
|
Nov. 30, 2011
New Source Review Matters [Member]
Environmental Matters [Member]
generatingunit
petition
|
Dec. 31, 2010
New Source Review Matters [Member]
Environmental Matters [Member]
petition
|
Mar. 31, 2013
New Source Review Matters [Member]
Environmental Matters [Member]
generatingunit
|
Dec. 31, 2008
Cheswick Monarch Mine Novs [Member]
Unfavorable Regulatory Action [Member]
USD ($)
|
Oct. 31, 2012
Ormond Beach Alleged Federal Clean Water Act Violations [Member]
USD ($)
|
Jan. 31, 2013
Citizen Suit [Member]
GenOn Mid-Atlantic, LLC [Member]
Threatened Litigation [Member]
|
Sep. 30, 2010
Maryland Fly Ash Facilities [Member]
GenOn Mid-Atlantic, LLC [Member]
Environmental Matters [Member]
Groups
|
Apr. 30, 2010
Maryland Fly Ash Facilities [Member]
GenOn Mid-Atlantic, LLC [Member]
Environmental Matters [Member]
|
Jun. 30, 2012
Maryland Fly Ash Facilities [Member]
GenOn Mid-Atlantic, LLC [Member]
Environmental Matters [Member]
USD ($)
|
Mar. 31, 2013
Maryland Fly Ash Facilities [Member]
GenOn Mid-Atlantic, LLC [Member]
Environmental Matters [Member]
facility
|
Dec. 31, 2011
Maryland Fly Ash Facilities [Member]
GenOn Mid-Atlantic, LLC [Member]
Environmental Matters [Member]
USD ($)
|
Jun. 30, 2011
Maryland Fly Ash Facilities [Member]
GenOn Mid-Atlantic, LLC [Member]
Environmental Matters [Member]
facility
|
Dec. 02, 2010
Mirant RRI Energy Merger [Member]
GenOn Energy Holdings [Member]
Chapter Eleven Proceedings [Member]
|
Mar. 31, 2013
Texas Franchise Audit [Member]
Tax Matters [Member]
USD ($)
|
Dec. 31, 2012
Texas Franchise Audit [Member]
Tax Matters [Member]
USD ($)
|
Mar. 31, 2013
NRG Merger [Member]
lawsuit
|
Dec. 14, 2012
NRG Merger [Member]
GenOn Energy Holdings [Member]
Chapter Eleven Proceedings [Member]
|
|
Pending Natural Gas Litigation [Abstract] | |||||||||||||||||||||||
Number Lawsuits Filed | 5 | 8 | |||||||||||||||||||||
Number of lawsuits dismissed | 4 | ||||||||||||||||||||||
Global Warming [Abstract] | |||||||||||||||||||||||
Number of Other Companies Named in Lawsuit Filed | 23 | ||||||||||||||||||||||
Maximum damages sought | $ 400,000,000 | ||||||||||||||||||||||
New Source review matters [Abstract] | |||||||||||||||||||||||
Number of Petitions Alleging Emissions Standards Violations Filed | 2 | ||||||||||||||||||||||
Number of Petitions in Final Ruling | 1 | ||||||||||||||||||||||
Number of Units which Will be Required to Reduce Maximum Allowable Emissions | 2 | ||||||||||||||||||||||
Percent Reduction in Maximum Allowable So2 Emmissions Year Two | 60.00% | ||||||||||||||||||||||
Percent Reduction in Maximum Allowable So2 Emmissions Year Four | 80.00% | ||||||||||||||||||||||
Number of Units that Could be Running Option Year Two | 1 | ||||||||||||||||||||||
Number of Units that Would Require Higher Costs or Retirement if EPA Laws Final | 2 | ||||||||||||||||||||||
Cheswick Monarch Mine NOV [Abstract] | |||||||||||||||||||||||
Minimum Civil Penalties which May be Assessed | 100,000 | ||||||||||||||||||||||
Ormond Beach Alleged Federal Clean Water Act Violations [Abstract] | |||||||||||||||||||||||
Legal Fees | 79,000 | ||||||||||||||||||||||
Supplemental Environmental Projects | 65,000 | ||||||||||||||||||||||
Monitoring Costs | 15,000 | ||||||||||||||||||||||
Notice of Intent to File Citizens Suit [Abstract] | |||||||||||||||||||||||
Days to Comply | 60 days | ||||||||||||||||||||||
Maryland Fly Ash Facilities [Abstract] | |||||||||||||||||||||||
Number of Fly Ash Facilities | 3 | ||||||||||||||||||||||
Number of Fly Ash Facilities with Threat of Non Renewal of Water Discharge Permits | 3 | ||||||||||||||||||||||
Number of Matters to Settle | 3 | ||||||||||||||||||||||
Amount accrued for alleged past violations | 1,900,000 | ||||||||||||||||||||||
Amount accrued for alleged prospective violations | 600,000 | ||||||||||||||||||||||
Amount accrued for civil pnalty due | 2,500,000 | ||||||||||||||||||||||
Amount accrued for estimated cost of proposed technical solution | 47,000,000 | ||||||||||||||||||||||
Brandywine [Abstract] | |||||||||||||||||||||||
Period to close and cap existing open disposal cells | 1 year | ||||||||||||||||||||||
Number of intervening parties in the proceeding | 4 | ||||||||||||||||||||||
Chapter Eleven Proceedings [Abstract] | |||||||||||||||||||||||
Common stock shares reserved for unresolved claims | 461,000 | 159,000 | |||||||||||||||||||||
Common stock capital shares reserved converted into parent co. common | 1,300,000 | ||||||||||||||||||||||
Mc Asset Recovery Actions [Abstract] | |||||||||||||||||||||||
Threshold amount of net recoveries of costs, beyond which payments may be reduced by any taxes | 175,000,000 | ||||||||||||||||||||||
Number of actions transferred to MC Asset Recovery | 1 | ||||||||||||||||||||||
Number of actions transferred to MC Asset Recovery seeking damages for alleged fraudulent transfers | 2 | ||||||||||||||||||||||
Payments made under a guarantee provided by GenOn Energy Holdings | 153,000,000 | ||||||||||||||||||||||
Number of shares of common stock per each $1,000 of claim allowed by the Bankruptcy Court to holders of previously allowed claims similar in nature to the claims of the Commerzbank Defendants | 43.87 | 43.87 | |||||||||||||||||||||
Basis amount for claims | 1,000 | ||||||||||||||||||||||
Texas Franchise Audit [Abstract] | |||||||||||||||||||||||
Interest and penalties included in amount of appealed Texas franchise tax assessments | 29,000,000 | ||||||||||||||||||||||
Texas franchise tax assessments Genon has protested and in administrative appeals process | $ 72,000,000 | ||||||||||||||||||||||
Purported class actions related to NRG Merger [Abstract] | |||||||||||||||||||||||
Number of consolidated court cases | 1 |
Summary of Significant Accounting Policies
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Accounting Policies [Abstract] | |
Significant of Significant Accounting Policies | Summary of Significant Accounting Policies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Recent Accounting Developments ASU 2011-11 — Effective January 1, 2013, the Registrants adopted the provisions of ASU No. 2011-11, Balance Sheet (Topic 210) Disclosures about Offsetting Assets and Liabilities, or ASU No. 2011-11, and began providing enhanced disclosures regarding the effect or potential effect of netting arrangements on an entity's financial position by improving information about financial instruments and derivative instruments that either (1) offset in accordance with either ASC 210-20-45 or ASC 810-20-45 or (2) are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset. Reporting entities are required to disclose both gross and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The disclosures required by ASU No. 2011-11 are required to be adopted retroactively. As this guidance provides only disclosure requirements, the adoption of this standard will not impact the Registrants' results of operations, cash flows or financial position. ASU 2013-02 (GenOn) - Effective January 1, 2013, GenOn adopted the provisions of ASU No. 2013-02, Other Comprehensive Income (Topic 220) Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, or ASU No. 2013-02, and began reporting the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income within the notes to the financial statements if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income in the same reporting period. For other amounts not required by U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures which provide additional information about the amounts. The provisions of ASU No. 2013-02 are required to be adopted prospectively. As this guidance provides only presentation requirements, the adoption of this standard did not impact GenOn's results of operations, cash flows or financial position. |