x | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |
For the Quarterly Period Ended: September 30, 2016 | ||
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) | |
804 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 | NRG Americas, Inc. | ||
GenOn Mid-Atlantic, LLC | NRG North America LLC |
Item 2 — MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | ||
• | GenOn's ability to continue as a going concern; |
• | 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 find market participants that are willing to act as hedging counterparties; |
• | 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 CO2 and other GHG 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 mitigate forced outage risk for units subject to capacity performance requirements in PJM and performance incentives in ISO-NE. |
• | 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; and |
• | The Registrants’ ability to develop and maintain successful partnering relationships. |
2015 Form 10-K | The Registrants' Annual Report on Form 10-K for the year ended December 31, 2015 | |
ASC | The FASB Accounting Standards Codification, which the FASB established as the source of authoritative GAAP | |
ASU | Accounting Standards Updates, which reflect updates to the ASC | |
Average realized prices | Volume-weighted average power prices, net of average fuel costs and reflecting the impact of settled hedges | |
Bankruptcy Court | United States Bankruptcy Court for the Northern District of Texas, Fort Worth Division | |
CAIR | Clean Air Interstate Rule | |
CAISO | California Independent System Operator | |
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 | |
CFTC | U.S. Commodity Futures Trading Commission | |
CO2 | Carbon Dioxide | |
CPP | Clean Power Plan | |
CPUC | California Public Utilities Commission | |
CSAPR | Cross-State Air Pollution Rule | |
CWA | Clean Water Act | |
D.C. Circuit | U.S. Court of Appeals for the District of Columbia Circuit | |
Economic gross margin | Sum of energy revenue, capacity revenue and other revenue, less cost of fuels and other cost of sales | |
EGU | Electric Generating Unit | |
EMAAC | Eastern Mid-Atlantic Area Council | |
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 | |
FTRs | Financial Transmission Rights | |
FPA | Federal Power Act | |
GAAP | Accounting principles generally accepted in the U.S. | |
GenOn | GenOn Energy, Inc. and, except where the context indicates otherwise, its subsidiaries | |
GenOn Americas Generation | GenOn Americas Generation, LLC and, except where the context indicates otherwise, its subsidiaries | |
GenOn Americas Generation Senior Notes | GenOn Americas Generation's $695 million outstanding unsecured senior notes consisting of $366 million of 8.5% senior notes due 2021 and $329 million of 9.125% senior notes due 2031 | |
GenOn Energy Holdings | GenOn Energy Holdings, Inc. and, except where the context indicates otherwise, its subsidiaries | |
GenOn Energy Management | GenOn Energy Management, LLC, a wholly owned subsidiary of GenOn Americas Generation, 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 stations under operating leases | |
GenOn Senior Notes | GenOn's $1.8 billion outstanding unsecured senior notes consisting of $691 million of 7.875% senior notes due 2017, $650 million of 9.5% senior notes due 2018, and $489 million of 9.875% senior notes due 2020 | |
GHG | Greenhouse Gases | |
HAPs | Hazardous Air Pollutants | |
ISO | Independent System Operator, also referred to as RTO |
ISO-NE | ISO New England Inc. | |
LIBOR | London Interbank Offered Rate | |
MAAC | Mid-Atlantic Area Council | |
MATS | Mercury 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 of Mirant Corporation and RRI Energy Inc. to form GenOn Energy, Inc. | |
Mirant Debtors | GenOn Energy Holdings, Inc. (formerly known as Mirant Corporation) and certain of its subsidiaries | |
MISO | Midcontinent Independent System Operator, Inc. | |
MMBtu | Million British Thermal Units | |
MW | Megawatts | |
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 | |
NERC | North American Electric Reliability Corporation | |
NOx | Nitrogen Oxides | |
NPDES | National Pollution 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, whereby GenOn became a wholly owned subsidiary of NRG | |
NYISO | New York Independent System Operator | |
OCI | Other Comprehensive Income/(Loss) | |
PJM | PJM Interconnection, LLC | |
Plan | The plan of reorganization that was approved in conjunction with Mirant Corporation's emergence from bankruptcy protection on January 3, 2006 | |
PUCO | Public Utility Commission of Ohio | |
RCRA | Resource Conservation and Recovery Act of 1976 | |
Registrants | GenOn, GenOn Americas Generation and GenOn Mid-Atlantic, collectively | |
REMA | NRG REMA LLC (formerly known as GenOn REMA, LLC) | |
RTO | Regional Transmission Organization | |
Securities Act | The Securities Act of 1933, as amended | |
Seward | The Seward Generating Station, a 525 MW coal-fired facility in Pennsylvania | |
Shelby | The Shelby County Generating Station, a 352 MW natural gas-fired facility in Illinois | |
SO2 | Sulfur Dioxide | |
U.S. | United States of America |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions) | |||||||||||||||
Operating Revenues | |||||||||||||||
Operating revenues | $ | 544 | $ | 651 | $ | 1,515 | $ | 1,959 | |||||||
Operating revenues — affiliate | (12 | ) | (3 | ) | (6 | ) | 6 | ||||||||
Total operating revenues | 532 | 648 | 1,509 | 1,965 | |||||||||||
Operating Costs and Expenses | |||||||||||||||
Cost of operations | 279 | 361 | 864 | 1,269 | |||||||||||
Cost of operations — affiliate | 74 | 78 | 180 | 210 | |||||||||||
Depreciation and amortization | 59 | 52 | 153 | 163 | |||||||||||
Impairment losses | — | — | 59 | — | |||||||||||
General and administrative | 10 | 4 | 14 | 5 | |||||||||||
General and administrative — affiliate | 46 | 42 | 139 | 139 | |||||||||||
Total operating costs and expenses | 468 | 537 | 1,409 | 1,786 | |||||||||||
Gain on sale of assets | 262 | — | 294 | — | |||||||||||
Operating Income | 326 | 111 | 394 | 179 | |||||||||||
Other Income/(Expense) | |||||||||||||||
Other income, net | 2 | — | 6 | 4 | |||||||||||
Interest expense | (41 | ) | (49 | ) | (123 | ) | (146 | ) | |||||||
Interest expense — affiliate | (3 | ) | (3 | ) | (9 | ) | (8 | ) | |||||||
Total other expense | (42 | ) | (52 | ) | (126 | ) | (150 | ) | |||||||
Income Before Income Taxes | 284 | 59 | 268 | 29 | |||||||||||
Income tax expense | 21 | 1 | 20 | — | |||||||||||
Net Income | $ | 263 | $ | 58 | $ | 248 | $ | 29 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions) | |||||||||||||||
Net Income | $ | 263 | $ | 58 | $ | 248 | $ | 29 | |||||||
Other Comprehensive Loss, net of tax of $0: | |||||||||||||||
Defined benefit plans | — | — | — | (2 | ) | ||||||||||
Other comprehensive loss | — | — | — | (2 | ) | ||||||||||
Comprehensive Income | $ | 263 | $ | 58 | $ | 248 | $ | 27 |
September 30, 2016 | December 31, 2015 | ||||||
(unaudited) | |||||||
(In millions) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 1,218 | $ | 665 | |||
Funds deposited by counterparties | 10 | 51 | |||||
Accounts receivable — trade | 106 | 92 | |||||
Inventory | 363 | 448 | |||||
Derivative instruments | 159 | 544 | |||||
Derivative instruments — affiliate | 5 | 30 | |||||
Cash collateral paid in support of energy risk management activities | 119 | 48 | |||||
Prepaid rent and other current assets | 136 | 144 | |||||
Current assets held-for-sale | — | 6 | |||||
Total current assets | 2,116 | 2,028 | |||||
Property, plant and equipment, net | 2,670 | 2,831 | |||||
Other Assets | |||||||
Intangible assets, net | 54 | 74 | |||||
Derivative instruments | 43 | 154 | |||||
Derivative instruments — affiliate | 1 | 1 | |||||
Other non-current assets | 346 | 253 | |||||
Non-current assets held-for-sale | — | 105 | |||||
Total other assets | 444 | 587 | |||||
Total Assets | $ | 5,230 | $ | 5,446 | |||
LIABILITIES AND STOCKHOLDER'S EQUITY | |||||||
Current Liabilities | |||||||
Current portion of long-term debt and capital leases | $ | 707 | $ | 4 | |||
Accounts payable | 97 | 112 | |||||
Accounts payable — affiliate | 78 | 71 | |||||
Derivative instruments | 188 | 465 | |||||
Derivative instruments — affiliate | 17 | 10 | |||||
Cash collateral received in support of energy risk management activities | 10 | 51 | |||||
Accrued expenses and other current liabilities | 262 | 201 | |||||
Current liabilities held-for-sale | — | 2 | |||||
Total current liabilities | 1,359 | 916 | |||||
Other Liabilities | |||||||
Long-term debt and capital leases | 2,016 | 2,762 | |||||
Derivative instruments | 27 | 102 | |||||
Derivative instruments — affiliate | 13 | 14 | |||||
Out-of-market contracts | 830 | 892 | |||||
Other non-current liabilities | 465 | 484 | |||||
Non-current liabilities held-for-sale | — | 4 | |||||
Total non-current liabilities | 3,351 | 4,258 | |||||
Total Liabilities | 4,710 | 5,174 | |||||
Commitments and Contingencies | |||||||
Stockholder's Equity | |||||||
Common stock: $0.001 par value, 1 share authorized and issued at September 30, 2016 and December 31, 2015 | — | — | |||||
Additional paid-in capital | 325 | 325 | |||||
Retained earnings | 211 | (37 | ) | ||||
Accumulated other comprehensive loss | (16 | ) | (16 | ) | |||
Total Stockholder's Equity | 520 | 272 | |||||
Total Liabilities and Stockholder's Equity | $ | 5,230 | $ | 5,446 |
Nine months ended September 30, | |||||||
2016 | 2015 | ||||||
(In millions) | |||||||
Cash Flows from Operating Activities | |||||||
Net Income | $ | 248 | $ | 29 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 153 | 163 | |||||
Amortization of financing costs and debt discount/premiums | (39 | ) | (43 | ) | |||
Amortization of out-of-market contracts and emission allowances | (58 | ) | (23 | ) | |||
Gain on sale of asset | (294 | ) | — | ||||
Impairment losses | 59 | — | |||||
Changes in derivative instruments | 175 | 158 | |||||
Changes in collateral deposits supporting energy risk management activities | (71 | ) | (35 | ) | |||
Proceeds from sale of emission allowances | 36 | — | |||||
Changes in other working capital | 22 | 103 | |||||
Net Cash Provided by Operating Activities | 231 | 352 | |||||
Cash Flows from Investing Activities | |||||||
Capital expenditures | (239 | ) | (175 | ) | |||
Proceeds from sale of assets, net of cash disposed of | 563 | — | |||||
Other | 2 | — | |||||
Net Cash Provided/(Used) by Investing Activities | 326 | (175 | ) | ||||
Cash Flows from Financing Activities | |||||||
Payments for short and long-term debt | (4 | ) | (4 | ) | |||
Net Cash Used by Financing Activities | (4 | ) | (4 | ) | |||
Net Increase in Cash and Cash Equivalents | 553 | 173 | |||||
Cash and Cash Equivalents at Beginning of Period | 665 | 920 | |||||
Cash and Cash Equivalents at End of Period | $ | 1,218 | $ | 1,093 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions) | |||||||||||||||
Operating Revenues | |||||||||||||||
Operating revenues | $ | 494 | $ | 587 | $ | 1,362 | $ | 1,808 | |||||||
Operating revenues — affiliate | 56 | 21 | 16 | 40 | |||||||||||
Total operating revenues | 550 | 608 | 1,378 | 1,848 | |||||||||||
Operating Costs and Expenses | |||||||||||||||
Cost of operations | 172 | 181 | 510 | 711 | |||||||||||
Cost of operations — affiliate | 264 | 315 | 633 | 925 | |||||||||||
Depreciation and amortization | 21 | 18 | 59 | 55 | |||||||||||
General and administrative — affiliate | 21 | 20 | 62 | 61 | |||||||||||
Total operating costs and expenses | 478 | 534 | 1,264 | 1,752 | |||||||||||
Gain on sale of assets | 74 | — | 77 | — | |||||||||||
Operating Income | 146 | 74 | 191 | 96 | |||||||||||
Other Income/(Expense) | |||||||||||||||
Other income, net | 1 | — | 2 | — | |||||||||||
Interest expense | (14 | ) | (17 | ) | (39 | ) | (49 | ) | |||||||
Interest expense — affiliate | (1 | ) | (1 | ) | (5 | ) | (4 | ) | |||||||
Total other expense | (14 | ) | (18 | ) | (42 | ) | (53 | ) | |||||||
Income Before Income Taxes | 132 | 56 | 149 | 43 | |||||||||||
Income tax | — | — | — | — | |||||||||||
Net Income | $ | 132 | $ | 56 | $ | 149 | $ | 43 |
September 30, 2016 | December 31, 2015 | ||||||
(unaudited) | |||||||
(In millions) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 472 | $ | 246 | |||
Funds deposited by counterparties | 10 | 51 | |||||
Accounts receivable — trade | 93 | 86 | |||||
Note receivable — affiliate | 331 | 331 | |||||
Inventory | 220 | 289 | |||||
Derivative instruments | 159 | 545 | |||||
Derivative instruments — affiliate | 140 | 316 | |||||
Cash collateral paid in support of energy risk management activities | 117 | 39 | |||||
Prepaid rent and other current assets | 79 | 84 | |||||
Total current assets | 1,621 | 1,987 | |||||
Property, plant and equipment, net | 1,119 | 1,116 | |||||
Other Assets | |||||||
Intangible assets, net | 54 | 73 | |||||
Derivative instruments | 42 | 154 | |||||
Derivative instruments — affiliate | 40 | 81 | |||||
Other non-current assets | 211 | 131 | |||||
Total other assets | 347 | 439 | |||||
Total Assets | $ | 3,087 | $ | 3,542 | |||
LIABILITIES AND MEMBER'S EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 55 | $ | 48 | |||
Accounts payable — affiliate | 70 | 109 | |||||
Derivative instruments | 188 | 465 | |||||
Derivative instruments — affiliate | 115 | 272 | |||||
Cash collateral received in support of energy risk management activities | 10 | 51 | |||||
Accrued expenses and other current liabilities | 110 | 104 | |||||
Total current liabilities | 548 | 1,049 | |||||
Other Liabilities | |||||||
Long-term debt | 747 | 752 | |||||
Derivative instruments | 27 | 102 | |||||
Derivative instruments — affiliate | 56 | 80 | |||||
Out-of-market contracts | 499 | 520 | |||||
Other non-current liabilities | 129 | 107 | |||||
Total non-current liabilities | 1,458 | 1,561 | |||||
Total Liabilities | 2,006 | 2,610 | |||||
Commitments and Contingencies | |||||||
Member’s Equity | |||||||
Member’s interest | 1,081 | 932 | |||||
Total Member’s Equity | 1,081 | 932 | |||||
Total Liabilities and Member’s Equity | $ | 3,087 | $ | 3,542 |
Nine months ended September 30, | |||||||
2016 | 2015 | ||||||
(In millions) | |||||||
Cash Flows from Operating Activities | |||||||
Net Income | $ | 149 | $ | 43 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 59 | 55 | |||||
Amortization of debt premiums | (5 | ) | (7 | ) | |||
Amortization of out-of-market contracts and emission allowances | (20 | ) | 14 | ||||
Gain on sale of assets | (77 | ) | — | ||||
Changes in derivative instruments | 182 | 132 | |||||
Changes in collateral deposits supporting energy risk management activities | (78 | ) | (35 | ) | |||
Changes in other working capital | (16 | ) | — | ||||
Net Cash Provided by Operating Activities | 194 | 202 | |||||
Cash Flows from Investing Activities | |||||||
Capital expenditures | (44 | ) | (53 | ) | |||
Proceeds from sale of assets | 76 | — | |||||
Net Cash Provided/(Used) by Investing Activities | 32 | (53 | ) | ||||
Cash Flows from Financing Activities | |||||||
Payments for short and long-term debt | — | (4 | ) | ||||
Net Cash Used by Financing Activities | — | (4 | ) | ||||
Net Increase in Cash and Cash Equivalents | 226 | 145 | |||||
Cash and Cash Equivalents at Beginning of Period | 246 | 103 | |||||
Cash and Cash Equivalents at End of Period | $ | 472 | $ | 248 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions) | |||||||||||||||
Operating Revenues | |||||||||||||||
Operating revenues | $ | 1 | $ | 4 | $ | 1 | $ | 8 | |||||||
Operating revenues — affiliate | 229 | 216 | 584 | 684 | |||||||||||
Total operating revenues | 230 | 220 | 585 | 692 | |||||||||||
Operating Costs and Expenses | |||||||||||||||
Cost of operations | 157 | 121 | 414 | 420 | |||||||||||
Cost of operations — affiliate | (10 | ) | 20 | 21 | 102 | ||||||||||
Depreciation and amortization | 16 | 16 | 45 | 49 | |||||||||||
General and administrative — affiliate | 15 | 15 | 45 | 44 | |||||||||||
Total operating costs and expenses | 178 | 172 | 525 | 615 | |||||||||||
Operating Income | 52 | 48 | 60 | 77 | |||||||||||
Other Income/(Expense) | |||||||||||||||
Other income, net | 1 | — | 1 | — | |||||||||||
Interest expense | (1 | ) | — | (1 | ) | (1 | ) | ||||||||
Interest expense — affiliate | (1 | ) | (1 | ) | (3 | ) | (2 | ) | |||||||
Total other expense | (1 | ) | (1 | ) | (3 | ) | (3 | ) | |||||||
Income Before Income Taxes | 51 | 47 | 57 | 74 | |||||||||||
Income tax | — | — | — | — | |||||||||||
Net Income | $ | 51 | $ | 47 | $ | 57 | $ | 74 |
September 30, 2016 | December 31, 2015 | ||||||
(unaudited) | |||||||
(In millions) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 483 | $ | 299 | |||
Accounts receivable — trade | 3 | 2 | |||||
Accounts receivable — affiliate | 6 | — | |||||
Inventory | 103 | 172 | |||||
Derivative instruments — affiliate | 64 | 269 | |||||
Prepaid rent and other current assets | 74 | 79 | |||||
Total current assets | 733 | 821 | |||||
Property, plant and equipment, net | 931 | 925 | |||||
Other Assets | |||||||
Intangible assets, net | 10 | 13 | |||||
Derivative instruments — affiliate | 8 | 83 | |||||
Other non-current assets | 201 | 125 | |||||
Total other assets | 219 | 221 | |||||
Total Assets | $ | 1,883 | $ | 1,967 | |||
LIABILITIES AND MEMBER'S EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 25 | $ | 21 | |||
Accounts payable — affiliate | — | 8 | |||||
Derivative instruments — affiliate | 66 | 163 | |||||
Accrued expenses and other current liabilities | 69 | 75 | |||||
Total current liabilities | 160 | 267 | |||||
Other Liabilities | |||||||
Derivative instruments — affiliate | 9 | 32 | |||||
Out-of-market contracts | 499 | 520 | |||||
Other non-current liabilities | 60 | 50 | |||||
Total non-current liabilities | 568 | 602 | |||||
Total Liabilities | 728 | 869 | |||||
Commitments and Contingencies | |||||||
Member’s Equity | |||||||
Member’s interest | 1,155 | 1,098 | |||||
Total Member’s Equity | 1,155 | 1,098 | |||||
Total Liabilities and Member’s Equity | $ | 1,883 | $ | 1,967 |
Nine months ended September 30, | |||||||
2016 | 2015 | ||||||
(In millions) | |||||||
Cash Flows from Operating Activities | |||||||
Net Income | $ | 57 | $ | 74 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 45 | 49 | |||||
Amortization of out-of-market contracts and emission allowances | (21 | ) | (20 | ) | |||
Changes in derivative instruments | 160 | 71 | |||||
Changes in other working capital | (17 | ) | (10 | ) | |||
Net Cash Provided by Operating Activities | 224 | 164 | |||||
Cash Flows from Investing Activities | |||||||
Capital expenditures | (40 | ) | (26 | ) | |||
Net Cash Used by Investing Activities | (40 | ) | (26 | ) | |||
Cash Flows from Financing Activities | |||||||
Payments for short and long-term debt | — | (4 | ) | ||||
Net Cash Used by Financing Activities | — | (4 | ) | ||||
Net Increase in Cash and Cash Equivalents | 184 | 134 | |||||
Cash and Cash Equivalents at Beginning of Period | 299 | 157 | |||||
Cash and Cash Equivalents at End of Period | $ | 483 | $ | 291 |
Property, plant and equipment Accumulated depreciation | Intangible assets Accumulated amortization | ||||||||||||||
September 30, 2016 | December 31, 2015 | September 30, 2016 | December 31, 2015 | ||||||||||||
(In millions) | |||||||||||||||
GenOn | $ | 637 | $ | 614 | $ | 79 | $ | 40 | |||||||
GenOn Americas Generation | 281 | 244 | 79 | 40 | |||||||||||
GenOn Mid-Atlantic | 222 | 200 | 29 | — |
As of September 30, 2016 | As of December 31, 2015 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
(In millions) | |||||||||||||||
Long-term debt, including current portion | $ | 2,721 | $ | 2,068 | $ | 2,764 | $ | 2,043 |
As of September 30, 2016 | As of December 31, 2015 | ||||||||||||||
Level 2 | Level 3 | Level 2 | Level 3 | ||||||||||||
(In millions) | |||||||||||||||
Long-term debt, including current portion | $ | 2,016 | $ | 52 | $ | 1,987 | $ | 56 |
As of September 30, 2016 | As of December 31, 2015 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
(In millions) | |||||||||||||||
Long-term debt | $ | 747 | $ | 576 | $ | 752 | $ | 500 |
As of September 30, 2016 | |||||||||||||||
Fair Value | |||||||||||||||
Level 1 (a) | Level 2 (a) | Level 3 | Total | ||||||||||||
(In millions) | |||||||||||||||
Derivative assets: | |||||||||||||||
Commodity contracts | $ | 25 | $ | 180 | $ | 3 | $ | 208 | |||||||
Derivative liabilities: | |||||||||||||||
Commodity contracts | $ | 14 | $ | 224 | $ | 7 | $ | 245 | |||||||
Other assets (b) | $ | 10 | $ | — | $ | — | $ | 10 |
As of December 31, 2015 | |||||||||||||||
Fair Value | |||||||||||||||
Level 1 (a) | Level 2 (a) | Level 3 | Total | ||||||||||||
(In millions) | |||||||||||||||
Derivative assets: | |||||||||||||||
Commodity contracts | $ | 192 | $ | 535 | $ | 2 | $ | 729 | |||||||
Derivative liabilities: | |||||||||||||||
Commodity contracts | $ | 157 | $ | 420 | $ | 14 | $ | 591 | |||||||
Other assets (b) | $ | 14 | $ | — | $ | — | $ | 14 |
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Derivatives (a) | Derivatives (a) | ||||||||||||||
(In millions) | |||||||||||||||
Beginning balance | $ | (11 | ) | $ | 14 | $ | (12 | ) | $ | 33 | |||||
Total gains/(losses) included in earnings — realized/unrealized | 7 | (18 | ) | 6 | (44 | ) | |||||||||
Purchases | (1 | ) | (2 | ) | 1 | 5 | |||||||||
Transfers out of Level 3 (b) | 1 | 6 | 1 | 6 | |||||||||||
Ending balance | $ | (4 | ) | $ | — | $ | (4 | ) | $ | — | |||||
Gains/(losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of September 30 | $ | 5 | $ | (14 | ) | $ | (3 | ) | $ | (20 | ) |
As of September 30, 2016 | |||||||||||||||
Fair Value | |||||||||||||||
Level 1 (a) | Level 2 (a) | Level 3 | Total | ||||||||||||
(In millions) | |||||||||||||||
Derivative assets: | |||||||||||||||
Commodity contracts | $ | 33 | $ | 338 | $ | 10 | $ | 381 | |||||||
Derivative liabilities: | |||||||||||||||
Commodity contracts | $ | 15 | $ | 362 | $ | 9 | $ | 386 |
As of December 31, 2015 | |||||||||||||||
Fair Value | |||||||||||||||
Level 1 (a) | Level 2 (a) | Level 3 | Total | ||||||||||||
(In millions) | |||||||||||||||
Derivative assets: | |||||||||||||||
Commodity contracts | $ | 285 | $ | 796 | $ | 15 | $ | 1,096 | |||||||
Derivative liabilities: | |||||||||||||||
Commodity contracts | $ | 170 | $ | 735 | $ | 14 | $ | 919 |
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Derivatives (a) | Derivatives (a) | ||||||||||||||
(In millions) | |||||||||||||||
Beginning balance | $ | 1 | $ | 12 | $ | 1 | $ | 20 | |||||||
Total losses included in earnings — realized/unrealized | — | (16 | ) | (1 | ) | (26 | ) | ||||||||
Purchases | (1 | ) | (1 | ) | — | 1 | |||||||||
Transfers out of Level 3 (b) | 1 | 6 | 1 | 6 | |||||||||||
Ending balance | $ | 1 | $ | 1 | $ | 1 | $ | 1 | |||||||
Losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of September 30 | $ | — | $ | (13 | ) | $ | — | $ | (11 | ) |
As of September 30, 2016 | |||||||||||||||
Fair Value | |||||||||||||||
Level 1 (a) | Level 2 (a) | Level 3 | Total | ||||||||||||
(In millions) | |||||||||||||||
Derivative assets: | |||||||||||||||
Commodity contracts | $ | 22 | $ | 49 | $ | 1 | $ | 72 | |||||||
Derivative liabilities: | |||||||||||||||
Commodity contracts | $ | 6 | $ | 69 | $ | — | $ | 75 |
As of December 31, 2015 | |||||||||||||||
Fair Value | |||||||||||||||
Level 1 (a) | Level 2 (a) | Level 3 | Total | ||||||||||||
(In millions) | |||||||||||||||
Derivative assets: | |||||||||||||||
Commodity contracts | $ | 175 | $ | 175 | $ | 2 | $ | 352 | |||||||
Derivative liabilities: | |||||||||||||||
Commodity contracts | $ | 58 | $ | 137 | $ | — | $ | 195 |
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Derivatives (a) | Derivatives (a) | ||||||||||||||
(In millions) | |||||||||||||||
Beginning balance | $ | 1 | $ | 13 | $ | 2 | $ | 20 | |||||||
Total losses included in earnings — realized/unrealized | — | (15 | ) | (1 | ) | (25 | ) | ||||||||
Purchases | — | (3 | ) | — | — | ||||||||||
Transfers out of Level 3 (b) | — | 6 | — | 6 | |||||||||||
Ending balance | $ | 1 | $ | 1 | $ | 1 | $ | 1 | |||||||
Losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of September 30 | $ | — | $ | (13 | ) | $ | — | $ | (11 | ) |
Significant Unobservable Inputs | |||||||||||||||||||||||
September 30, 2016 | |||||||||||||||||||||||
Fair Value | Input/Range | ||||||||||||||||||||||
Assets | Liabilities | Valuation Technique | Significant Unobservable Input | Low | High | Weighted Average | |||||||||||||||||
(In millions) | |||||||||||||||||||||||
Power Contracts | $ | 1 | $ | — | Discounted Cash Flow | Forward Market Price (per MWh) | $ | 26 | $ | 69 | $ | 43 | |||||||||||
Coal Contracts | — | 5 | Discounted Cash Flow | Forward Market Price (per ton) | 44 | 44 | 44 | ||||||||||||||||
FTRs | 2 | 2 | Discounted Cash Flow | Auction Prices (per MWh) | (3 | ) | 3 | — | |||||||||||||||
$ | 3 | $ | 7 |
Significant Unobservable Inputs | |||||||||||||||||||||||
December 31, 2015 | |||||||||||||||||||||||
Fair Value | Input/Range | ||||||||||||||||||||||
Assets | Liabilities | Valuation Technique | Significant Unobservable Input | Low | High | Weighted Average | |||||||||||||||||
(In millions) | |||||||||||||||||||||||
Power Contracts | $ | 1 | $ | — | Discounted Cash Flow | Forward Market Price (per MWh) | $ | 22 | $ | 67 | $ | 42 | |||||||||||
Coal Contracts | — | 12 | Discounted Cash Flow | Forward Market Price (per ton) | 28 | 45 | 35 | ||||||||||||||||
FTRs | 1 | 2 | Discounted Cash Flow | Auction Prices (per MWh) | — | 3 | 1 | ||||||||||||||||
$ | 2 | $ | 14 |
Significant Unobservable Inputs | |||||||||||||||||||||||
September 30, 2016 | |||||||||||||||||||||||
Fair Value | Input/Range | ||||||||||||||||||||||
Assets | Liabilities | Valuation Technique | Significant Unobservable Input | Low | High | Weighted Average | |||||||||||||||||
(In millions) | |||||||||||||||||||||||
Power Contracts | $ | 1 | $ | — | Discounted Cash Flow | Forward Market Price (per MWh) | $ | 26 | $ | 69 | $ | 43 | |||||||||||
Coal Contracts | 5 | 5 | Discounted Cash Flow | Forward Market Price (per ton) | 44 | 44 | 44 | ||||||||||||||||
FTRs | 4 | 4 | Discounted Cash Flow | Auction Prices (per MWh) | (3 | ) | 3 | — | |||||||||||||||
$ | 10 | $ | 9 |
Significant Unobservable Inputs | |||||||||||||||||||||||
December 31, 2015 | |||||||||||||||||||||||
Fair Value | Input/Range | ||||||||||||||||||||||
Assets | Liabilities | Valuation Technique | Significant Unobservable Input | Low | High | Weighted Average | |||||||||||||||||
(In millions) | |||||||||||||||||||||||
Power Contracts | $ | 1 | $ | — | Discounted Cash Flow | Forward Market Price (per MWh) | $ | 22 | $ | 67 | $ | 42 | |||||||||||
Coal Contracts | 12 | 12 | Discounted Cash Flow | Forward Market Price (per ton) | 28 | 45 | 35 | ||||||||||||||||
FTRs | 2 | 2 | Discounted Cash Flow | Auction Prices (per MWh) | — | 3 | 1 | ||||||||||||||||
$ | 15 | $ | 14 |
Significant Unobservable Inputs | |||||||||||||||||||||||
September 30, 2016 | |||||||||||||||||||||||
Fair Value | Input/Range | ||||||||||||||||||||||
Assets | Liabilities | Valuation Technique | Significant Unobservable Input | Low | High | Weighted Average | |||||||||||||||||
(In millions) | |||||||||||||||||||||||
Power Contracts | $ | 1 | $ | — | Discounted Cash Flow | Forward Market Price (per MWh) | $ | 26 | $ | 69 | $ | 43 | |||||||||||
$ | 1 | $ | — |
Significant Unobservable Inputs | |||||||||||||||||||||||
December 31, 2015 | |||||||||||||||||||||||
Fair Value | Input/Range | ||||||||||||||||||||||
Assets | Liabilities | Valuation Technique | Significant Unobservable Input | Low | High | Weighted Average | |||||||||||||||||
(In millions) | |||||||||||||||||||||||
Power Contracts | $ | 2 | $ | — | Discounted Cash Flow | Forward Market Price (per MWh) | $ | 22 | $ | 67 | $ | 42 | |||||||||||
$ | 2 | $ | — |
Significant Unobservable Input | Position | Change In Input | Impact on Fair Value Measurement | |||
Forward Market Price Power/Coal | Buy | Increase/(Decrease) | Higher/(Lower) | |||
Forward Market Price Power/Coal | Sell | Increase/(Decrease) | Lower/(Higher) | |||
FTR Prices | Buy | Increase/(Decrease) | Higher/(Lower) | |||
FTR Prices | Sell | Increase/(Decrease) | Lower/(Higher) |
As of September 30, 2016 | As of December 31, 2015 | ||||||
(In millions) | |||||||
GenOn | $ | — | $ | (1 | ) | ||
GenOn Americas Generation | — | — | |||||
GenOn Mid-Atlantic | — | 4 |
Net Exposure (a) (% of Total) | ||||||||
Category by Industry Sector | GenOn | GenOn Americas Generation | GenOn Mid-Atlantic | |||||
Financial institutions | 16 | % | 16 | % | — | % | ||
Utilities, energy merchants, marketers and other | 28 | 26 | — | |||||
ISOs | 56 | 58 | — | |||||
Total as of September 30, 2016 | 100 | % | 100 | % | — | % |
Net Exposure (a) (% of Total) | ||||||||
Category by Counterparty Credit Quality | GenOn | GenOn Americas Generation | GenOn Mid-Atlantic | |||||
Investment grade | 97 | % | 99 | % | — | % | ||
Below investment grade | 2 | 1 | — | |||||
Non-rated (b) | 1 | — | — | |||||
Total as of September 30, 2016 | 100 | % | 100 | % | — | % |
(a) | Counterparty credit exposure excludes uranium and coal transportation contracts because of the unavailability of market prices. |
(b) | For non-rated counterparties, a significant portion are related to ISO and municipal public power entities, which are considered investment grade equivalent ratings based on NRG's internal credit ratings. |
GenOn | GenOn Americas Generation | GenOn Mid-Atlantic | ||||||||||||||||
Total Volume | Total Volume | Total Volume | ||||||||||||||||
As of September 30, 2016 | As of December 31, 2015 | As of September 30, 2016 | As of December 31, 2015 | As of September 30, 2016 | As of December 31, 2015 | |||||||||||||
Commodity | Units | (In millions) | ||||||||||||||||
Emissions | Short Ton | 1 | — | 1 | — | 1 | — | |||||||||||
Coal | Short Ton | 4 | 7 | 2 | 3 | 2 | 3 | |||||||||||
Natural Gas | MMBtu | 145 | 191 | 20 | 2 | 13 | (10) | |||||||||||
Power | MWh | (35 | ) | (49) | (12 | ) | (20) | (10 | ) | (18) |
Fair Value | |||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||
September 30, 2016 | December 31, 2015 | September 30, 2016 | December 31, 2015 | ||||||||||||
(In millions) | |||||||||||||||
Derivatives Not Designated as Cash Flow Hedges: | |||||||||||||||
Commodity contracts current | $ | 164 | $ | 574 | $ | 205 | $ | 475 | |||||||
Commodity contracts long-term | 44 | 155 | 40 | 116 | |||||||||||
Total Derivatives Not Designated as Cash Flow Hedges | $ | 208 | $ | 729 | $ | 245 | $ | 591 |
Fair Value | |||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||
September 30, 2016 | December 31, 2015 | September 30, 2016 | December 31, 2015 | ||||||||||||
(In millions) | |||||||||||||||
Derivatives Not Designated as Cash Flow Hedges: | |||||||||||||||
Commodity contracts current | $ | 299 | $ | 861 | $ | 303 | $ | 737 | |||||||
Commodity contracts long-term | 82 | 235 | 83 | 182 | |||||||||||
Total Derivatives Not Designated as Cash Flow Hedges | $ | 381 | $ | 1,096 | $ | 386 | $ | 919 |
Fair Value | |||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||
September 30, 2016 | December 31, 2015 | September 30, 2016 | December 31, 2015 | ||||||||||||
(In millions) | |||||||||||||||
Derivatives Not Designated as Cash Flow Hedges: | |||||||||||||||
Commodity contracts current | $ | 64 | $ | 269 | $ | 66 | $ | 163 | |||||||
Commodity contracts long-term | 8 | 83 | 9 | 32 | |||||||||||
Total Derivatives Not Designated as Cash Flow Hedges | $ | 72 | $ | 352 | $ | 75 | $ | 195 |
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 | ||||||||||||
September 30, 2016 | (In millions) | |||||||||||||||
Commodity contracts: | ||||||||||||||||
Derivative assets | $ | 202 | $ | (159 | ) | $ | (20 | ) | $ | 23 | ||||||
Derivative assets - affiliate | 6 | (6 | ) | — | — | |||||||||||
Derivative liabilities | (215 | ) | 159 | 19 | (37 | ) | ||||||||||
Derivative liabilities - affiliate | (30 | ) | 6 | 24 | — | |||||||||||
Total derivative instruments | $ | (37 | ) | $ | — | $ | 23 | $ | (14 | ) |
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, 2015 | (In millions) | |||||||||||||||
Commodity contracts: | ||||||||||||||||
Derivative assets | $ | 698 | $ | (485 | ) | $ | (51 | ) | $ | 162 | ||||||
Derivative assets - affiliate | 31 | (24 | ) | — | 7 | |||||||||||
Derivative liabilities | (567 | ) | 485 | — | (82 | ) | ||||||||||
Derivative liabilities - affiliate | (24 | ) | 24 | — | — | |||||||||||
Total derivative instruments | $ | 138 | $ | — | $ | (51 | ) | $ | 87 |
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 | ||||||||||||
September 30, 2016 | (In millions) | |||||||||||||||
Commodity contracts: | ||||||||||||||||
Derivative assets | $ | 201 | $ | (159 | ) | $ | (20 | ) | $ | 22 | ||||||
Derivative assets - affiliate | 180 | (147 | ) | — | 33 | |||||||||||
Derivative liabilities | (215 | ) | 159 | 19 | (37 | ) | ||||||||||
Derivative liabilities - affiliate | (171 | ) | 147 | 24 | — | |||||||||||
Total derivative instruments | $ | (5 | ) | $ | — | $ | 23 | $ | 18 |
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, 2015 | (In millions) | |||||||||||||||
Commodity contracts: | ||||||||||||||||
Derivative assets | $ | 699 | $ | (485 | ) | $ | (51 | ) | $ | 163 | ||||||
Derivative assets - affiliate | 397 | (352 | ) | — | 45 | |||||||||||
Derivative liabilities | (567 | ) | 485 | — | (82 | ) | ||||||||||
Derivative liabilities - affiliate | (352 | ) | 352 | — | — | |||||||||||
Total derivative instruments | $ | 177 | $ | — | $ | (51 | ) | $ | 126 |
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 | ||||||||||||
September 30, 2016 | (In millions) | |||||||||||||||
Commodity contracts: | ||||||||||||||||
Derivative assets - affiliate | $ | 72 | $ | (72 | ) | $ | — | $ | — | |||||||
Derivative liabilities - affiliate | (75 | ) | 72 | — | (3 | ) | ||||||||||
Total derivative instruments | $ | (3 | ) | $ | — | $ | — | $ | (3 | ) |
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, 2015 | (In millions) | |||||||||||||||
Commodity contracts: | ||||||||||||||||
Derivative assets - affiliate | $ | 352 | $ | (195 | ) | $ | — | $ | 157 | |||||||
Derivative liabilities - affiliate | (195 | ) | 195 | — | — | |||||||||||
Total derivative instruments | $ | 157 | $ | — | $ | — | $ | 157 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Unrealized mark-to-market results | |||||||||||||||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | $ | (29 | ) | $ | (19 | ) | $ | (145 | ) | $ | (146 | ) | |||
Net unrealized losses on open positions related to economic hedges | (68 | ) | (6 | ) | (43 | ) | (12 | ) | |||||||
Total unrealized losses | $ | (97 | ) | $ | (25 | ) | $ | (188 | ) | $ | (158 | ) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Revenue from operations — energy commodities | $ | (142 | ) | $ | (17 | ) | $ | (233 | ) | $ | (91 | ) | |||
Cost of operations | 45 | (8 | ) | 45 | (67 | ) | |||||||||
Total impact to statements of operations | $ | (97 | ) | $ | (25 | ) | $ | (188 | ) | $ | (158 | ) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Unrealized mark-to-market results | |||||||||||||||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | $ | (46 | ) | $ | (23 | ) | $ | (165 | ) | $ | (153 | ) | |||
Net unrealized gains/(losses) on open positions related to economic hedges | 6 | 10 | (23 | ) | 21 | ||||||||||
Total unrealized losses | $ | (40 | ) | $ | (13 | ) | $ | (188 | ) | $ | (132 | ) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Revenue from operations — energy commodities | $ | (75 | ) | $ | (4 | ) | $ | (228 | ) | $ | (84 | ) | |||
Cost of operations | 35 | (9 | ) | 40 | (48 | ) | |||||||||
Total impact to statements of operations | $ | (40 | ) | $ | (13 | ) | $ | (188 | ) | $ | (132 | ) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Unrealized mark-to-market results | |||||||||||||||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | $ | (47 | ) | $ | (20 | ) | $ | (146 | ) | $ | (79 | ) | |||
Net unrealized gains/(losses) on open positions related to economic hedges | 4 | 17 | (18 | ) | 8 | ||||||||||
Total unrealized losses | $ | (43 | ) | $ | (3 | ) | $ | (164 | ) | $ | (71 | ) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Revenue from operations — energy commodities | $ | (83 | ) | $ | (1 | ) | $ | (203 | ) | $ | (29 | ) | |||
Cost of operations | 40 | (2 | ) | 39 | (42 | ) | |||||||||
Total impact to statements of operations | $ | (43 | ) | $ | (3 | ) | $ | (164 | ) | $ | (71 | ) |
(In millions, except rates) | September 30, 2016 | December 31, 2015 | September 30, 2016 interest rate % | ||||||
GenOn Americas Generation: | |||||||||
GenOn Americas Generation Senior Notes, due 2021 | $ | 394 | $ | 398 | 8.500 | ||||
GenOn Americas Generation Senior Notes, due 2031 | 353 | 354 | 9.125 | ||||||
Subtotal GenOn Americas Generation | 747 | 752 | |||||||
GenOn Energy: | |||||||||
GenOn Senior Notes, due 2017 | 703 | 714 | 7.875 | ||||||
GenOn Senior Notes, due 2018 | 693 | 708 | 9.500 | ||||||
GenOn Senior Notes, due 2020 | 526 | 534 | 9.875 | ||||||
Other liability (a) | 52 | 56 | |||||||
GenOn capital lease | 2 | 2 | |||||||
Subtotal GenOn Energy | 1,976 | 2,014 | |||||||
Subtotal | 2,723 | 2,766 | |||||||
Less current maturities | 707 | 4 | |||||||
Total long-term debt and capital leases | $ | 2,016 | $ | 2,762 |
(In millions) | September 30, 2016 | December 31, 2015 | |||||
GenOn Americas Generation: | |||||||
GenOn Americas Generation Senior Notes, due 2021 | $ | 28 | $ | 32 | |||
GenOn Americas Generation Senior Notes, due 2031 | 24 | 25 | |||||
GenOn Energy: | |||||||
GenOn Senior Notes, due 2017 | 12 | 23 | |||||
GenOn Senior Notes, due 2018 | 43 | 59 | |||||
GenOn Senior Notes, due 2020 | 37 | 44 | |||||
Total premium | $ | 144 | $ | 183 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In millions except otherwise noted) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Income before income taxes | $ | 284 | $ | 59 | $ | 268 | $ | 29 | |||||||
Income tax expense | 21 | 1 | 20 | — | |||||||||||
Effective tax rate | 7.4 | % | 1.7 | % | 7.5 | % | — | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions) | |||||||||||||||
Allocated costs: | |||||||||||||||
Cost of operations — affiliate | $ | — | $ | — | $ | 2 | $ | 2 | |||||||
General and administrative — affiliate | 21 | 20 | 62 | 61 | |||||||||||
Total | $ | 21 | $ | 20 | $ | 64 | $ | 63 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions) | |||||||||||||||
Allocated costs: | |||||||||||||||
Cost of operations — affiliate | $ | 1 | $ | — | $ | 2 | $ | 1 | |||||||
General and administrative — affiliate | 15 | 15 | 45 | 44 | |||||||||||
Total | $ | 16 | $ | 15 | $ | 47 | $ | 45 |
(In MW)(a) | |||||||||
Generation Type | GenOn | GenOn Americas Generation | GenOn Mid-Atlantic | ||||||
Natural gas (b)(c) | 9,780 | 4,040 | 1,864 | ||||||
Coal (d) | 4,199 | 2,433 | 2,433 | ||||||
Oil | 1,847 | 1,434 | 308 | ||||||
Total generation capacity | 15,826 | 7,907 | 4,605 |
(a) | MW figures provided represent nominal summer net MW capacity of power generated as adjusted for the Registrants' owned or leased interest excluding capacity from inactive/mothballed units. |
(b) | GenOn's natural gas generation portfolio includes 325 MW related to the conversion of New Castle Units 3-5 to natural gas which was completed in the second quarter of 2016. GenOn's natural gas generation does not include 78 MW related to the Chalk Point capital lease which expired at the end of 2015, 352 MW related to Shelby which was sold on March 1, 2016 and 878 MW related to Aurora which was sold on July 12, 2016. |
(c) | GenOn's natural gas generation portfolio includes 275 MW related to Choctaw Unit 1 which is in forced outage. |
(d) | GenOn’s coal generation portfolio does not include 325 MW related to New Castle Units 3-5, which were converted from coal to natural gas in the second quarter of 2016, 597 MW related to Shawville, which was mothballed on May 31, 2015 with plans to return to service with a natural gas addition in the fall of 2016, and 94 MW related to Avon Lake Unit 7, which was deactivated in the second quarter of 2016. In addition, GenOn's coal generation does not include 525 MW related to Seward which was sold on February 2, 2016. |
Base Capacity Product | Capacity Performance Product | |||||||
Zone | Cleared Capacity (MW)(1) | Price ($/MW-day) | Cleared Capacity (MW)(1) | Price ($/MW-day) | ||||
EMAAC | 103 | $99.77 | 414 | $119.77 | ||||
MAAC | 9 | $80.00 | 5,802 | $100.00 | ||||
RTO | 193 | $80.00 | 550 | $100.00 | ||||
Total | 305 | 6,766 |
Base Capacity Product | Capacity Performance Product | |||||||
Zone | Cleared Capacity (MW) | Price ($/MW-day) | Cleared Capacity (MW) | Price ($/MW-day) | ||||
MAAC (1) | — | — | 3,814 | $100 | ||||
Total | — | 3,814 |
• | Asset Dispositions — During the first quarter of 2016, GenOn completed the sales of Seward and Shelby on February 2, 2016 and March 1, 2016, respectively. In the third quarter of 2016, GenOn completed the sale of Aurora on July 12, 2016, which resulted in a gain of $188 million and GenOn Americas Generation completed the sale of real property at the Potrero site on September 26, 2016, which resulted in a gain of $74 million. |
• | Impairment Losses — During the second quarter of 2016, GenOn recorded impairment losses on its Mandalay and Ormond Beach operating units totaling $59 million. |
• | Operational Matters — In October 2016, GenOn Americas Generation was given notice that its bid for a resource adequacy contract for 2017 with Pacific Gas & Electric was not accepted for the Pittsburg generating station, or Pittsburg. As a result, GenOn Americas Generation decided that it would retire Pittsburg on January 1, 2017. These events were determined to be indicators of impairment and as a result, GenOn Americas Generation will perform an impairment test for Pittsburg under ASC 360, Property, Plant and Equipment. Based on the results of the impairment test, GenOn Americas Generation may recognize an impairment loss during the fourth quarter of 2016. |
Average on Peak Power Price ($/MWh) (a) | ||||||||||
Three months ended September 30, | ||||||||||
2016 | 2015 | Change % | ||||||||
MISO - Louisiana Hub (b) | $ | 39.92 | $ | 35.03 | 14 | % | ||||
NY J/NYC | 42.60 | 41.32 | 3 | % | ||||||
NY A/West NY | 46.22 | 40.68 | 14 | % | ||||||
NEPOOL | 42.40 | 42.68 | (1 | )% | ||||||
PEPCO (PJM) | 42.60 | 42.62 | — | % | ||||||
PJM West Hub | 38.89 | 39.35 | (1 | )% | ||||||
CAISO - NP15 | 38.23 | 37.20 | 3 | % | ||||||
CAISO - SP15 | 40.43 | 38.20 | 6 | % |
Average on Peak Power Price ($/MWh) (a) | ||||||||||
Nine months ended September 30, | ||||||||||
2016 | 2015 | Change % | ||||||||
MISO - Louisiana Hub (b) | $ | 33.50 | $ | 37.14 | (10 | )% | ||||
NY J/NYC | 35.07 | 52.51 | (33 | )% | ||||||
NY A/West NY | 37.37 | 44.46 | (16 | )% | ||||||
NEPOOL | 33.82 | 53.31 | (37 | )% | ||||||
PEPCO (PJM) | 38.16 | 49.52 | (23 | )% | ||||||
PJM West Hub | 33.97 | 45.33 | (25 | )% | ||||||
CAISO - NP15 | 29.42 | 37.01 | (21 | )% | ||||||
CAISO - SP15 | 30.29 | 32.86 | (8 | )% |
Average Realized Power Price ($/MWh) | ||||||||||
Three months ended September 30, | ||||||||||
Region | 2016 | 2015 | Change % | |||||||
GenOn (b) | $ | 42.58 | $ | 45.84 | (7 | )% | ||||
GenOn Americas Generation(a)(b) | 54.34 | 60.89 | (11 | )% | ||||||
GenOn Mid-Atlantic(b) | 55.86 | 64.70 | (14 | )% |
Average Realized Power Price ($/MWh) | ||||||||||
Nine months ended September 30, | ||||||||||
Region | 2016 | 2015 | Change % | |||||||
GenOn(b) | $ | 46.49 | $ | 56.67 | (18 | )% | ||||
GenOn Americas Generation(a)(b) | 72.42 | 87.66 | (17 | )% | ||||||
GenOn Mid-Atlantic(b) | 74.33 | 82.31 | (10 | )% |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(In millions except otherwise noted) | 2016 | 2015 | Change | 2016 | 2015 | Change | |||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Energy revenue (a) | $ | 508 | $ | 420 | $ | 88 | $ | 1,144 | $ | 1,415 | $ | (271 | ) | ||||||||||
Capacity revenue (a) | 157 | 234 | (77 | ) | 533 | 606 | (73 | ) | |||||||||||||||
Mark-to-market for economic hedging activities | (142 | ) | (17 | ) | (125 | ) | (233 | ) | (91 | ) | (142 | ) | |||||||||||
Other revenues | 9 | 11 | (2 | ) | 65 | 35 | 30 | ||||||||||||||||
Total operating revenues | 532 | 648 | (116 | ) | 1,509 | 1,965 | (456 | ) | |||||||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||
Generation cost of sales (a) | 265 | 264 | 1 | 625 | 859 | (234 | ) | ||||||||||||||||
Mark-to-market for economic hedging activities | (45 | ) | 8 | (53 | ) | (45 | ) | 67 | (112 | ) | |||||||||||||
Contract and emissions credit amortization | (9 | ) | (5 | ) | (4 | ) | (29 | ) | (22 | ) | (7 | ) | |||||||||||
Operations and maintenance | 129 | 147 | (18 | ) | 447 | 505 | (58 | ) | |||||||||||||||
Other cost of operations | 13 | 25 | (12 | ) | 46 | 70 | (24 | ) | |||||||||||||||
Total cost of operations | 353 | 439 | (86 | ) | 1,044 | 1,479 | (435 | ) | |||||||||||||||
Depreciation and amortization | 59 | 52 | 7 | 153 | 163 | (10 | ) | ||||||||||||||||
Impairment losses | — | — | — | 59 | — | 59 | |||||||||||||||||
General and administrative | 10 | 4 | 6 | 14 | 5 | 9 | |||||||||||||||||
General and administrative - affiliate | 46 | 42 | 4 | 139 | 139 | — | |||||||||||||||||
Total operating costs and expenses | 468 | 537 | (69 | ) | 1,409 | 1,786 | (377 | ) | |||||||||||||||
Gain on sale of assets | 262 | — | 262 | 294 | — | 294 | |||||||||||||||||
Operating Income | 326 | 111 | 215 | 394 | 179 | 215 | |||||||||||||||||
Other Income/(Expense) | |||||||||||||||||||||||
Other income, net | 2 | — | 2 | 6 | 4 | 2 | |||||||||||||||||
Interest expense | (44 | ) | (52 | ) | (8 | ) | (132 | ) | (154 | ) | (22 | ) | |||||||||||
Total other expense | (42 | ) | (52 | ) | (10 | ) | (126 | ) | (150 | ) | (24 | ) | |||||||||||
Income Before Income Taxes | 284 | 59 | 225 | 268 | 29 | 239 | |||||||||||||||||
Income tax expense | 21 | 1 | 20 | 20 | — | 20 | |||||||||||||||||
Net Income | $ | 263 | $ | 58 | $ | 205 | $ | 248 | $ | 29 | $ | 219 | |||||||||||
Business Metrics | |||||||||||||||||||||||
Average natural gas price — Henry Hub ($/MMBtu) | $ | 2.81 | $ | 2.77 | 1 | % | $ | 2.29 | $ | 2.80 | (18 | )% | |||||||||||
MWh sold (in thousands) | 9,628 | 9,163 | 5 | % | 21,683 | 24,968 | (13 | )% | |||||||||||||||
MWh generated (in thousands) | 9,531 | 8,873 | 7 | % | 21,684 | 25,321 | (14 | )% |
(a) | Includes realized gains and losses from financially settled transactions. |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Energy revenue | $ | 508 | $ | 420 | $ | 1,144 | $ | 1,415 | |||||||
Capacity revenue | 157 | 234 | 533 | 606 | |||||||||||
Mark-to-market for economic hedging activities | (142 | ) | (17 | ) | (233 | ) | (91 | ) | |||||||
Other revenues | 9 | 11 | 65 | 35 | |||||||||||
Operating revenue | 532 | 648 | 1,509 | 1,965 | |||||||||||
Cost of fuel | (244 | ) | (232 | ) | (549 | ) | (791 | ) | |||||||
Other cost of sales | (21 | ) | (32 | ) | (76 | ) | (68 | ) | |||||||
Mark-to-market for economic hedging activities | 45 | (8 | ) | 45 | (67 | ) | |||||||||
Contract and emission credit amortization | 9 | 5 | 29 | 22 | |||||||||||
Gross margin | $ | 321 | $ | 381 | $ | 958 | $ | 1,061 | |||||||
Less: Mark-to-market for economic hedging activities, net | (97 | ) | (25 | ) | (188 | ) | (158 | ) | |||||||
Less: Contract and emission credit amortization, net | 9 | 5 | 29 | 22 | |||||||||||
Economic gross margin | $ | 409 | $ | 401 | $ | 1,117 | $ | 1,197 |
(In millions) | |||
Higher gross margin due to the closure and financial settlement of certain open positions with a counterparty that would have otherwise been realized in subsequent periods | $ | 98 | |
Higher gross margin due to an 18% increase in generation driven by more economic generation due to warmer weather compared to the prior year | 26 | ||
Lower gross margin due to a 29% decrease in PJM cleared auction capacity prices resulting from more imports, fewer constraints and less demand growth than in prior year, as well as a 17% decrease in ISO-NE cleared forward capacity market prices for Canal | (52 | ) | |
Lower gross margin due to a 12% decrease in average realized energy prices and is partially offset by a 12% decrease in natural gas prices due to short-term natural gas contract terms | (51 | ) | |
Lower gross margin due to a 13% decrease in PJM capacity volumes and higher purchased capacity to cover capacity supply obligations due to plant deactivations | (6 | ) | |
Lower gross margin due to the sale of Seward and Shelby during the first quarter of 2016 and the sale of Aurora in the third quarter of 2016 | (5 | ) | |
Other | (2 | ) | |
Increase in economic gross margin | $ | 8 | |
Decrease in mark-to-market for economic hedging primarily due to reversals of previously recognized unrealized gains/losses on settled positions and unrealized gains/losses on open positions related to economic hedges as further described below | (72 | ) | |
Increase in contract and emission credit amortization | 4 | ||
Decrease in gross margin | $ | (60 | ) |
(In millions) | |||
Lower gross margin due to a 19% decrease in average realized energy prices partially offset by a 26% decrease in the price of natural gas and transportation costs due to more favorable short-term natural gas contract terms | $ | (138 | ) |
Lower gross margin due to a 17% decrease in PJM cleared auction capacity volumes and higher purchased capacity to cover capacity supply obligations due to plant deactivations, asset sales and fuel conversions; partially offset by a 4% increase in PJM cleared auction capacity prices | (70 | ) | |
Lower gross margin due to a 10% decrease in generation driven by fuel conversions as well as less economic dispatch at certain plants due to pricing | (36 | ) | |
Lower gross margin due to the sale of Seward and Shelby during the first quarter of 2016 and the sale of Aurora in the third quarter of 2016 | (11 | ) | |
Higher gross margin due to the closure and financial settlement of certain open positions with counterparties that would have otherwise been realized in subsequent periods | 136 | ||
Higher gross margin due to sale of emission credits | 36 | ||
Higher gross margin due to prior year market adjustments for fuel oil inventory for Bowline and Chalk Point | 15 | ||
Lower gross margin due to a decrease in ancillary revenues driven by lower generation in the current year | (8 | ) | |
Other | (4 | ) | |
Decrease in economic gross margin | $ | (80 | ) |
Decrease in mark-to-market for economic hedging primarily due to reversals of previously recognized unrealized gains/losses on settled positions and unrealized gains/losses on open positions related to economic hedges as further described below | (30 | ) | |
Increase in contract and emission credit amortization | 7 | ||
Decrease in gross margin | $ | (103 | ) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Mark-to-market results in operating revenues | |||||||||||||||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | $ | (45 | ) | $ | (22 | ) | $ | (212 | ) | $ | (154 | ) | |||
Net unrealized (losses)/gains on open positions related to economic hedges | (97 | ) | 5 | (21 | ) | 63 | |||||||||
Total mark-to-market losses in operating revenues | $ | (142 | ) | $ | (17 | ) | $ | (233 | ) | $ | (91 | ) | |||
Mark-to-market results in operating costs and expenses | |||||||||||||||
Reversal of previously recognized unrealized losses on settled positions related to economic hedges | $ | 16 | $ | 3 | $ | 67 | $ | 8 | |||||||
Net unrealized gains/(losses) on open positions related to economic hedges | 29 | (11 | ) | (22 | ) | (75 | ) | ||||||||
Total mark-to-market gains/(losses) in operating costs and expenses | $ | 45 | $ | (8 | ) | $ | 45 | $ | (67 | ) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(In millions except otherwise noted) | 2016 | 2015 | Change | 2016 | 2015 | Change | |||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Energy revenue (a) | $ | 459 | $ | 365 | $ | 94 | $ | 1,041 | $ | 1,289 | $ | (248 | ) | ||||||||||
Capacity revenue (a) | 160 | 240 | (80 | ) | 550 | 623 | (73 | ) | |||||||||||||||
Mark-to-market for economic hedging activities | (75 | ) | (4 | ) | (71 | ) | (228 | ) | (84 | ) | (144 | ) | |||||||||||
Other revenues | 6 | 7 | (1 | ) | 15 | 20 | (5 | ) | |||||||||||||||
Total operating revenues | 550 | 608 | (58 | ) | 1,378 | 1,848 | (470 | ) | |||||||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||
Generation cost of sales (a) | 403 | 411 | (8 | ) | 937 | 1,303 | (366 | ) | |||||||||||||||
Mark-to-market for economic hedging activities | (35 | ) | 9 | (44 | ) | (40 | ) | 48 | (88 | ) | |||||||||||||
Contract and emissions credit amortization | 1 | — | 1 | 1 | — | 1 | |||||||||||||||||
Operations and maintenance | 65 | 65 | — | 227 | 246 | (19 | ) | ||||||||||||||||
Other cost of operations | 2 | 11 | (9 | ) | 18 | 39 | (21 | ) | |||||||||||||||
Total cost of operations | 436 | 496 | (60 | ) | 1,143 | 1,636 | (493 | ) | |||||||||||||||
Depreciation and amortization | 21 | 18 | 3 | 59 | 55 | 4 | |||||||||||||||||
General and administrative - affiliate | 21 | 20 | 1 | 62 | 61 | 1 | |||||||||||||||||
Total operating costs and expenses | 478 | 534 | (56 | ) | 1,264 | 1,752 | (488 | ) | |||||||||||||||
Gain on sale of assets | 74 | — | 74 | 77 | — | 77 | |||||||||||||||||
Operating Income | 146 | 74 | 72 | 191 | 96 | 95 | |||||||||||||||||
Other Income/(Expense) | |||||||||||||||||||||||
Other income, net | 1 | — | 1 | 2 | — | 2 | |||||||||||||||||
Interest expense | (15 | ) | (18 | ) | (3 | ) | (44 | ) | (53 | ) | (9 | ) | |||||||||||
Total other expense | (14 | ) | (18 | ) | (4 | ) | (42 | ) | (53 | ) | (11 | ) | |||||||||||
Income Before Income Taxes | 132 | 56 | 76 | 149 | 43 | 106 | |||||||||||||||||
Income tax | — | — | — | — | — | — | |||||||||||||||||
Net Income | $ | 132 | $ | 56 | $ | 76 | $ | 149 | $ | 43 | $ | 106 | |||||||||||
Business Metrics | |||||||||||||||||||||||
Average natural gas price — Henry Hub ($/MMBtu) | $ | 2.81 | $ | 2.77 | 1 | % | $ | 2.29 | $ | 2.80 | (18 | )% | |||||||||||
MWh sold (in thousands) | 4,251 | 3,104 | 37 | % | 8,396 | 8,111 | 4 | % | |||||||||||||||
MWh generated (in thousands) | 4,166 | 2,796 | 49 | % | 8,368 | 8,225 | 2 | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Energy revenue | $ | 459 | $ | 365 | $ | 1,041 | $ | 1,289 | |||||||
Capacity revenue | 160 | 240 | 550 | 623 | |||||||||||
Mark-to-market for economic hedging activities | (75 | ) | (4 | ) | (228 | ) | (84 | ) | |||||||
Other revenues | 6 | 7 | 15 | 20 | |||||||||||
Operating revenue | 550 | 608 | 1,378 | 1,848 | |||||||||||
Cost of fuel | (175 | ) | (120 | ) | (339 | ) | (419 | ) | |||||||
Other cost of sales | (228 | ) | (291 | ) | (598 | ) | (884 | ) | |||||||
Mark-to-market for economic hedging activities | 35 | (9 | ) | 40 | (48 | ) | |||||||||
Contract and emissions credit amortization | (1 | ) | — | (1 | ) | — | |||||||||
Gross margin | $ | 181 | $ | 188 | $ | 480 | $ | 497 | |||||||
Less: Mark-to-market for economic hedging activities, net | (40 | ) | (13 | ) | (188 | ) | (132 | ) | |||||||
Less: Contract and emission credit amortization, net | (1 | ) | — | (1 | ) | — | |||||||||
Economic gross margin | $ | 222 | $ | 201 | $ | 669 | $ | 629 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Energy revenue | $ | 178 | $ | 176 | $ | 348 | $ | 578 | |||||||
Capacity revenue | 72 | 123 | 257 | 310 | |||||||||||
Mark-to-market for economic hedging activities | 2 | 2 | (6 | ) | 3 | ||||||||||
Other revenues | 2 | 9 | 4 | 12 | |||||||||||
Operating revenue | 254 | 310 | 603 | 903 | |||||||||||
Cost of fuel | (42 | ) | (29 | ) | (60 | ) | (48 | ) | |||||||
Other cost of sales | (210 | ) | (279 | ) | (549 | ) | (852 | ) | |||||||
Mark-to-market for economic hedging activities | (2 | ) | (2 | ) | 6 | (3 | ) | ||||||||
Gross margin and economic gross margin | $ | — | $ | — | $ | — | $ | — |
(In millions) | |||
Higher gross margin due to a 91% increase in generation due to more economic generation resulting from warmer weather conditions compared to the prior year | $ | 69 | |
Higher gross margin at GenOn Mid-Atlantic due to the closure and financial settlement of certain open positions with a counterparty that would have otherwise been realized in subsequent periods | 50 | ||
Higher gross margin due to higher purchased capacity to meet capacity supply obligations in the prior year | 10 | ||
Lower gross margin at GenOn Mid-Atlantic due to a 26% decrease in average realized prices due to a decline in merchant power prices in 2016 | (66 | ) | |
Lower gross margin due to a 31% decrease primarily related to PJM cleared auction capacity prices as a result of more imports, fewer constraints, and less demand growth than the prior year | (30 | ) | |
Lower gross margin due to an 11% decrease in average realized prices in New York and New England primarily due to prior year beneficial hedges | (7 | ) | |
Lower gross margin due mainly to a 52% decrease in generation at Bowline due to planned and unplanned outages in 2016 partially offset by an increase at Pittsburg due to expiration of the tolling agreement in September 2015 | (5 | ) | |
Increase in economic gross margin | $ | 21 | |
Decrease in mark-to-market for economic hedging primarily due to reversals of previously recognized unrealized gains/losses on settled positions and unrealized gains/losses on open positions related to economic hedges as further described below | (27 | ) | |
Decrease in contract and emission credit amortization | (1 | ) | |
Decrease in gross margin | $ | (7 | ) |
(In millions) | |||
Higher gross margin at GenOn Mid-Atlantic due to the closure and financial settlement of certain open positions with counterparties that would have otherwise been realized in subsequent periods | $ | 85 | |
Higher gross margin due to an 11% increase in generation due to more economic generation resulting from warmer weather conditions compared to the prior year | 16 | ||
Higher gross margin due to prior year market adjustments for fuel oil inventory | 15 | ||
Lower gross margin at GenOn Mid-Atlantic due to a 10% decrease in average realized energy prices due to decline in merchant power prices partially offset by decrease in natural gas prices due to short-term natural gas contracts | (22 | ) | |
Lower gross margin due to a 2% decrease in PJM cleared auction capacity prices and lower pricing in NY Hudson Valley zone and a 5% decrease in PJM cleared auction capacity volumes due to plant deactivations and lower New York volumes as there was increased bilateral activity | (24 | ) | |
Lower gross margin due to lower generation at Bowline and Canal as a result of the timing of planned and unplanned outages in 2016 | (17 | ) | |
Lower gross margin due to a 42% decrease in average realized energy prices in New York and New England partially offset by a 71% decrease in contracted natural gas prices primarily at Bowline | (13 | ) | |
Increase in economic gross margin | $ | 40 | |
Decrease in mark-to-market for economic hedging primarily due to reversals of previously recognized unrealized gains/losses on settled positions and unrealized gains/losses on open positions related to economic hedges as further described below | (56 | ) | |
Decrease in contract and emission credit amortization | (1 | ) | |
Decrease in gross margin | $ | (17 | ) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Mark-to-market results in operating revenues | |||||||||||||||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | $ | (61 | ) | $ | (26 | ) | $ | (225 | ) | $ | (163 | ) | |||
Net unrealized (losses)/gains on open positions related to economic hedges | (14 | ) | 22 | (3 | ) | 79 | |||||||||
Total mark-to-market losses in operating revenues | $ | (75 | ) | $ | (4 | ) | $ | (228 | ) | $ | (84 | ) | |||
Mark-to-market results in operating costs and expenses | |||||||||||||||
Reversal of previously recognized unrealized losses on settled positions related to economic hedges | $ | 15 | $ | 3 | $ | 60 | $ | 10 | |||||||
Net unrealized gain/(losses) on open positions related to economic hedges | 20 | (12 | ) | (20 | ) | (58 | ) | ||||||||
Total mark-to-market gains/(losses) in operating costs and expenses | $ | 35 | $ | (9 | ) | $ | 40 | $ | (48 | ) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(In millions except otherwise noted) | 2016 | 2015 | Change | 2016 | 2015 | Change | |||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Energy revenue (a) | $ | 263 | $ | 149 | $ | 114 | $ | 612 | $ | 529 | $ | 83 | |||||||||||
Capacity revenue (a) | 48 | 69 | (21 | ) | 171 | 183 | (12 | ) | |||||||||||||||
Mark-to-market for economic hedging activities | (83 | ) | (1 | ) | (82 | ) | (203 | ) | (29 | ) | (174 | ) | |||||||||||
Other revenues | 2 | 3 | (1 | ) | 5 | 9 | (4 | ) | |||||||||||||||
Total operating revenues | 230 | 220 | 10 | 585 | 692 | (107 | ) | ||||||||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||
Generation cost of sales (a) | 140 | 85 | 55 | 284 | 285 | (1 | ) | ||||||||||||||||
Mark-to-market for economic hedging activities | (40 | ) | 2 | (42 | ) | (39 | ) | 42 | (81 | ) | |||||||||||||
Operations and maintenance | 48 | 45 | 3 | 181 | 166 | 15 | |||||||||||||||||
Other cost of operations | (1 | ) | 9 | (10 | ) | 9 | 29 | (20 | ) | ||||||||||||||
Total cost of operations | 147 | 141 | 6 | 435 | 522 | (87 | ) | ||||||||||||||||
Depreciation and amortization | 16 | 16 | — | 45 | 49 | (4 | ) | ||||||||||||||||
General and administrative | 15 | 15 | — | 45 | 44 | 1 | |||||||||||||||||
Total operating costs and expenses | 178 | 172 | 6 | 525 | 615 | (90 | ) | ||||||||||||||||
Operating Income | 52 | 48 | 4 | 60 | 77 | (17 | ) | ||||||||||||||||
Other Income/(Expense) | |||||||||||||||||||||||
Other Income | 1 | — | 1 | 1 | — | 1 | |||||||||||||||||
Interest expense | (2 | ) | (1 | ) | 1 | (4 | ) | (3 | ) | 1 | |||||||||||||
Total other expense | (1 | ) | (1 | ) | — | (3 | ) | (3 | ) | — | |||||||||||||
Income Before Income Taxes | 51 | 47 | 4 | 57 | 74 | (17 | ) | ||||||||||||||||
Income tax | — | — | — | — | — | — | |||||||||||||||||
Net Income | $ | 51 | $ | 47 | $ | 4 | $ | 57 | $ | 74 | $ | (17 | ) | ||||||||||
Business Metrics | |||||||||||||||||||||||
Average natural gas price — Henry Hub ($/MMBtu) | $ | 2.81 | $ | 2.77 | 1 | % | $ | 2.29 | $ | 2.80 | (18 | )% | |||||||||||
MWh sold (in thousands) | 3,813 | 2,303 | 66 | % | 7,090 | 6,427 | 10 | % | |||||||||||||||
MWh generated (in thousands) | 3,734 | 1,954 | 91 | % | 7,090 | 6,410 | 11 | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Energy revenue | $ | 263 | $ | 149 | $ | 612 | $ | 529 | |||||||
Capacity revenue | 48 | 69 | 171 | 183 | |||||||||||
Mark-to-market for economic hedging activities | (83 | ) | (1 | ) | (203 | ) | (29 | ) | |||||||
Other revenues | 2 | 3 | 5 | 9 | |||||||||||
Operating revenue | 230 | 220 | 585 | 692 | |||||||||||
Cost of fuel | (124 | ) | (74 | ) | (247 | ) | (255 | ) | |||||||
Other cost of sales | (16 | ) | (11 | ) | (37 | ) | (30 | ) | |||||||
Mark-to-market for economic hedging activities | 40 | (2 | ) | 39 | (42 | ) | |||||||||
Gross margin | $ | 130 | $ | 133 | $ | 340 | $ | 365 | |||||||
Less: Mark-to-market for economic hedging activities, net | (43 | ) | (3 | ) | (164 | ) | (71 | ) | |||||||
Economic gross margin | $ | 173 | $ | 136 | $ | 504 | $ | 436 |
(In millions) | |||
Higher gross margin due to a 91% increase in generation due to more economic generation resulting from warmer weather conditions compared to the prior year | $ | 69 | |
Higher gross margin due to the closure and financial settlement of certain open positions with a counterparty that would have otherwise been realized in subsequent periods | 50 | ||
Lower gross margin due to a 26% decrease in average realized prices due to a decline in merchant power prices in 2016 | (66 | ) | |
Lower gross margin due to a 31% decrease in PJM cleared auction capacity prices resulting from more imports, fewer constraints, and less demand growth than the prior year | (22 | ) | |
Other | 6 | ||
Increase in economic gross margin | $ | 37 | |
Decrease in mark-to-market for economic hedging primarily due to reversals of previously recognized unrealized gains/losses on settled positions and unrealized gains/losses on open positions related to economic hedges as further described below | (40 | ) | |
Decrease in gross margin | $ | (3 | ) |
(In millions) | |||
Higher gross margin due to the closure and financial settlement of certain open positions with counterparties that would have otherwise been realized in subsequent periods | $ | 85 | |
Higher gross margin due to an 11% increase in generation due to more economic generation resulting from warmer weather conditions compared to the prior year | 16 | ||
Lower gross margin due to a 10% decrease in average realized energy prices due to decline in merchant power prices partially offset by decrease in natural gas prices due to short-term natural gas contracts | (22 | ) | |
Lower gross margin due to a 2% decrease in PJM cleared auction capacity prices and a 5% decrease in PJM cleared auction capacity volumes as capacity supply obligations expired at Potomac River | (12 | ) | |
Other | 1 | ||
Increase in economic gross margin | $ | 68 | |
Decrease in mark-to-market for economic hedging primarily due to reversals of previously recognized unrealized gains/losses on settled positions and unrealized gains/losses on open positions related to economic hedges as further described below | (93 | ) | |
Decrease in gross margin | $ | (25 | ) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Mark-to-market results in operating revenues | |||||||||||||||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | $ | (62 | ) | $ | (23 | ) | $ | (201 | ) | $ | (89 | ) | |||
Net unrealized (losses)/gains on open positions related to economic hedges | (21 | ) | 22 | (2 | ) | 60 | |||||||||
Total mark-to-market losses in operating revenues | $ | (83 | ) | $ | (1 | ) | $ | (203 | ) | $ | (29 | ) | |||
Mark-to-market results in operating costs and expenses | |||||||||||||||
Reversal of previously recognized unrealized losses on settled positions related to economic hedges | $ | 15 | $ | 3 | $ | 55 | $ | 10 | |||||||
Net unrealized gain/(losses) on open positions related to economic hedges | 25 | (5 | ) | (16 | ) | (52 | ) | ||||||||
Total mark-to-market gains/(losses) in operating costs and expenses | $ | 40 | $ | (2 | ) | $ | 39 | $ | (42 | ) |
September 30, 2016 | December 31, 2015 | ||||||
(In millions) | |||||||
Cash and cash equivalents: | |||||||
GenOn excluding GenOn Mid-Atlantic and REMA | $ | 625 | $ | 174 | |||
GenOn Mid-Atlantic (a) | 483 | 299 | |||||
REMA (a) | 110 | 192 | |||||
Total | 1,218 | 665 | |||||
Credit facility availability | 293 | 222 | |||||
Total liquidity | $ | 1,511 | $ | 887 |
S&P | Moody's | ||
GenOn 7.875% Senior Notes, due 2017 | CCC+ | Caa2 | |
GenOn 9.500% Senior Notes, due 2018 | CCC+ | Caa2 | |
GenOn 9.875% Senior Notes, due 2020 | CCC+ | Caa2 | |
GenOn Americas Generation 8.500% Senior Notes, due 2021 | CCC | Caa2 | |
GenOn Americas Generation 9.125% Senior Notes, due 2031 | CCC | Caa2 |
Maintenance | Environmental | Fuel Conversions/ Additions | Total | ||||||||||||
(In millions) | |||||||||||||||
Total cash capital expenditures for the nine months ended September 30, 2016 | |||||||||||||||
GenOn | $ | 101 | $ | 39 | $ | 99 | $ | 239 | |||||||
GenOn Americas Generation | 35 | 9 | — | 44 | |||||||||||
GenOn Mid-Atlantic | 34 | 6 | — | 40 | |||||||||||
Estimated capital expenditures for the remainder of 2016 | |||||||||||||||
GenOn | 51 | 23 | 21 | 95 | |||||||||||
GenOn Americas Generation | 29 | 3 | — | 32 | |||||||||||
GenOn Mid-Atlantic | 27 | 3 | — | 30 |
Nine Months Ended September 30, 2016 | Remainder of 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | Total | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||
REMA | $ | 61 | $ | — | $ | 63 | $ | 55 | $ | 65 | $ | 56 | $ | 278 | $ | 578 | |||||||||||||||
GenOn Mid-Atlantic | 128 | 22 | 144 | 105 | 139 | 105 | 442 | 1,085 | |||||||||||||||||||||||
Total Minimum Lease Payment | $ | 189 | $ | 22 | $ | 207 | $ | 160 | $ | 204 | $ | 161 | $ | 720 | $ | 1,663 |
Number | Description | Method of Filing | ||
31.1A1 | Rule 13a-14(a)/15d-14(a) certification of Mauricio Gutierrez | 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 David Callen. | Filed herewith. | ||
32.A1 | Section 1350 Certification. | Furnished 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 Mauricio Gutierrez | 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 David Callen. | Filed herewith. | ||
32.A2 | Section 1350 Certification. | Furnished 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 Mauricio Gutierrez | 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 David Callen. | Filed herewith. | ||
32.A3 | Section 1350 Certification. | Furnished 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/ MAURICIO GUTIERREZ | |||
Mauricio Gutierrez Chief Executive Officer | |||
(Principal Executive Officer) | |||
/s/ KIRKLAND B. ANDREWS | |||
Kirkland B. Andrews Chief Financial Officer | |||
(Principal Financial Officer) | |||
/s/ DAVID CALLEN | |||
David Callen Chief Accounting Officer | |||
(Principal Accounting Officer) |
GENON AMERICAS GENERATION, LLC (Registrant) | |||
/s/ MAURICIO GUTIERREZ | |||
Mauricio Gutierrez Chief Executive Officer | |||
(Principal Executive Officer) | |||
/s/ KIRKLAND B. ANDREWS | |||
Kirkland B. Andrews Chief Financial Officer | |||
(Principal Financial Officer) | |||
/s/ DAVID CALLEN | |||
David Callen Chief Accounting Officer | |||
(Principal Accounting Officer) |
GENON MID-ATLANTIC, LLC (Registrant) | |||
/s/ MAURICIO GUTIERREZ | |||
Mauricio Gutierrez Chief Executive Officer | |||
(Principal Executive Officer) | |||
/s/ KIRKLAND B. ANDREWS | |||
Kirkland B. Andrews Chief Financial Officer | |||
(Principal Financial Officer) | |||
/s/ DAVID CALLEN | |||
David Callen 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/ MAURICIO GUTIERREZ | |
Mauricio Gutierrez | |
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/ MAURICIO GUTIERREZ | |
Mauricio Gutierrez | |
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/ MAURICIO GUTIERREZ | |
Mauricio Gutierrez | |
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/ DAVID CALLEN | |
David Callen | |
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/ DAVID CALLEN | |
David Callen | |
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/ DAVID CALLEN | |
David Callen | |
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/ MAURICIO GUTIERREZ | ||
Mauricio Gutierrez | ||
Chief Executive Officer | ||
(Principal Executive Officer) | ||
/s/ KIRKLAND B. ANDREWS | ||
Kirkland B. Andrews | ||
Chief Financial Officer | ||
(Principal Financial Officer) | ||
/s/ DAVID CALLEN | ||
David Callen | ||
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/ MAURICIO GUTIERREZ | ||
Mauricio Gutierrez | ||
Chief Executive Officer | ||
(Principal Executive Officer) | ||
/s/ KIRKLAND B. ANDREWS | ||
Kirkland B. Andrews | ||
Chief Financial Officer | ||
(Principal Financial Officer) | ||
/s/ DAVID CALLEN | ||
David Callen | ||
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/ MAURICIO GUTIERREZ | ||
Mauricio Gutierrez | ||
Chief Executive Officer | ||
(Principal Executive Officer) | ||
/s/ KIRKLAND B. ANDREWS | ||
Kirkland B. Andrews | ||
Chief Financial Officer | ||
(Principal Financial Officer) | ||
/s/ DAVID CALLEN | ||
David Callen | ||
Chief Accounting Officer | ||
(Principal Accounting Officer) |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Net Income | $ 263 | $ 58 | $ 248 | $ 29 |
Other comprehensive income net of reclassifications, net of tax of $0: | ||||
Defined benefit plans | 0 | 0 | 0 | (2) |
Other comprehensive loss | (2) | |||
Comprehensive Income | $ 263 | $ 58 | $ 248 | $ 27 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) Parenthetical - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | $ 0 | $ 0 | $ 0 | $ 0 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 1 | 1 |
Common stock, shares issued (in shares) | 1 | 1 |
Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation (GenOn, GenOn Americas Generation, GenOn Mid-Atlantic) | Basis of Presentation (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) GenOn Energy, Inc., a wholly owned subsidiary of NRG, is a wholesale power generator engaged in the ownership and operation of power generation facilities, with approximately 15,826 MW of net electric generating capacity located in the U.S. During 2016, GenOn completed the sales of the Aurora, Seward and Shelby facilities and deactivated Avon Lake Unit 7, which were the primary drivers resulting in a net decrease in operating generation capacity of 1,927 MW from December 31, 2015. GenOn Americas Generation is a wholesale power generator with approximately 7,907 MW of net electric generating capacity located, in many cases, near major metropolitan areas. GenOn Americas Generation's electric generating capacity is part of the 15,826 MW of net electric generating capacity of GenOn. GenOn Mid-Atlantic operates and owns or leases 4,605 MW of net electric generating capacity in Maryland near Washington, D.C. GenOn Mid-Atlantic’s electric generating capacity is part of the 7,907 MW of net electric generating capacity of GenOn Americas Generation. GenOn Mid-Atlantic’s generating stations serve the Eastern PJM markets. GenOn Americas Generation and GenOn Mid-Atlantic are Delaware limited liability companies and indirect wholly owned subsidiaries of GenOn. GenOn Mid-Atlantic is an indirect wholly owned subsidiary of GenOn Americas Generation. The Registrants sell power from their generation portfolio, offer capacity or similar products to retail electric providers and others, and provide ancillary services to support system reliability. This is a combined quarterly report of the Registrants for the quarter ended September 30, 2016. The notes to the condensed consolidated financial statements apply to the Registrants as indicated parenthetically next to each corresponding disclosure. The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the SEC's regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the Registrants' financial statements in the Registrants' 2015 Form 10-K. Interim results are not necessarily indicative of results for a full year. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Registrants' consolidated financial positions as of September 30, 2016, and the results of operations, comprehensive income/(loss) and cash flows for the three and nine months ended September 30, 2016, and 2015. Liquidity and Ability to Continue as a Going Concern The accompanying unaudited interim condensed consolidated financial statements have been prepared assuming GenOn will continue as a going concern, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities in the normal course of business. As such, the accompanying unaudited interim condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and their carrying amounts, or the amount and classification of liabilities that may result should GenOn be unable to continue as a going concern. Such adjustments could have a material adverse impact on GenOn's results of operations, cash flows and financial position. As disclosed in Note 7, Debt and Capital Leases, as of September 30, 2016, $703 million of GenOn's Senior Notes outstanding are current within the GenOn consolidated balance sheet and are due on June 15, 2017. GenOn's future profitability continues to be adversely affected by (i) a sustained decline in natural gas prices and its resulting effect on wholesale power prices and capacity prices, and (ii) the inability of GenOn Mid-Atlantic and REMA to make distributions of cash and certain other restricted payments to GenOn. Based on current projections, GenOn is not expected to have sufficient liquidity exclusive of cash subject to the restrictions under the GenOn Mid-Atlantic and REMA operating leases to repay the senior notes due in June 2017. As a result of these factors, there is no assurance GenOn will continue as a going concern. As of September 30, 2016, GenOn has cash and cash equivalents of $1.2 billion, of which $483 million and $110 million is held by GenOn Mid-Atlantic and REMA, respectively. Under their respective operating leases, GenOn Mid-Atlantic and REMA are not permitted to make any distributions and other restricted payments unless: (a) they satisfy the fixed charge coverage ratio for the most recently ended period for four fiscal quarters; (b) they are projected to satisfy the fixed charge coverage ratio for each of the two following periods of four fiscal quarters, commencing with the fiscal quarter in which such payment is proposed to be made; and (c) no significant lease default or event of default has occurred and is continuing. Additionally, REMA must be in compliance with the requirement to provide credit support to the owner lessors securing its obligation to pay scheduled rent under its lease. As a result, GenOn Mid-Atlantic has not been able to make distributions of cash and certain other restricted payments since the quarter ended March 31, 2014 which was the last quarterly period for which GenOn Mid-Atlantic satisfied the conditions under its operating agreement. REMA has not satisfied the conditions under its operating agreement to make distributions of cash and certain other restricted payments since 2009. NRG, GenOn's parent company, has no obligation to provide any financial support other than as described in Note 9, Related Party Transactions. GenOn is currently considering all options available to it, including negotiations with creditors and lessors, refinancing the senior notes, potential sales of certain generating assets as well as the possibility for a need to file for protection under Chapter 11 of the U.S. Bankruptcy Code. During the second quarter of 2016, GenOn appointed two independent directors and, during the third quarter of 2016, GenOn retained advisors as part of this process. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Reclassifications Certain prior year amounts have been reclassified for comparative purposes. The reclassifications did not affect results from operations, net assets or cash flows. |
Summary of Significant Accounting Policies |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | Summary of Significant Accounting Policies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Other Balance Sheet Information The following table presents the accumulated depreciation included in property plant and equipment, net, and accumulated amortization included in intangible assets, net, respectively, for each of the Registrants as of September 30, 2016 and December 31, 2015:
Recent Accounting Developments (GenOn, GenOn Americas Generation, and GenOn Mid-Atlantic) ASU 2016-16 — In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory, or ASU No. 2016-16. The amendments of ASU No. 2016-16 were issued to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party which has resulted in diversity in practice and increased complexity within financial reporting. The amendments of ASU No. 2016-16 would require an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs and do not require new disclosure requirements. The amendments of ASU No. 2016-16 are effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted and the adoption of ASU No. 2016-16 should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Registrants are currently evaluating the impact of the standard on the Registrants’ results of operations, cash flows and financial position. ASU 2016-15 — In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments, or ASU No. 2016-15. The amendments of ASU No. 2016-15 were issued to address eight specific cash flow issues for which stakeholders have indicated to the FASB that a diversity in practice existed in how entities were presenting and classifying these items in the statement of cash flows. The issues addressed by ASU No. 2016-15 include but are not limited to the classification of debt prepayment and debt extinguishment costs, payments made for contingent consideration for a business combination, proceeds from the settlement of insurance proceeds, distributions received from equity method investees and separately identifiable cash flows and the application of the predominance principle. The amendments of ASU No. 2016-15 are effective for public entities for fiscal years beginning after December 15, 2017 and interim periods in those fiscal years. Early adoption is permitted, including adoption in an interim fiscal period with all amendments adopted in the same period. The adoption of ASU No. 2016-15 is required to be applied retrospectively. The Registrants are currently evaluating the impact of the standard on the Registrants’ statement of cash flows. ASU 2016-02 — In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), or ASU No. 2016-02. The amendments of ASU No. 2016-02 complete the joint effort between the FASB and the International Accounting Standards Board, or IASB, to develop a common leasing standard for GAAP and International Financial Reporting Standards, or IFRS, with the objective to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and to improve financial reporting. The guidance in ASU No. 2016-02 provides that a lessee that may have previously accounted for a lease as an operating lease under current GAAP should recognize the assets and liabilities that arise from a lease on the balance sheet. In addition, ASU No. 2016-02 expands the required quantitative and qualitative disclosures with regards to lease arrangements. The guidance in ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those annual periods. The adoption of ASU No. 2016-02 is required to be applied using a modified retrospective approach for the earliest period presented and early adoption is permitted. The Registrants are currently working through an adoption plan which includes the evaluation of lease contracts compared to the new standard and evaluating the impact of ASU No. 2016-02 on the Registrants' results of operations, cash flows and financial position. ASU 2016-01 — In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, or ASU No. 2016-01. The amendments of ASU No. 2016-01 eliminate available-for-sale classification of equity investments and require that equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be generally measured at fair value with changes in fair value recognized in net income. Further, the amendments require that financial assets and financial liabilities to be presented separately in the notes to the financial statements, grouped by measurement category and form of financial asset. The guidance in ASU No. 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. The Registrants are currently evaluating the impact of the standard on the Registrants' results of operations, cash flows and financial position. ASU 2014-09 — In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), or ASU No. 2014-09. The amendments of ASU No. 2014-09 complete the joint effort between the FASB and the IASB, to develop a common revenue standard for GAAP and IFRS, and to improve financial reporting. In addition to ASU No. 2014-09, the FASB issued additional guidance which provides further clarification on Topic 606 including ASU No. 2016-08, ASU No. 2016-10 and ASU No. 2016-12. The guidance under Topic 606 provides that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for the goods or services provided and establishes a four step process to be applied by an entity in evaluating its contracts with customers. In August 2015, the FASB issued ASU No. 2015-14, which formally deferred the effective date by one year to make the guidance of ASU No. 2014-09 effective for annual reporting periods beginning after December 15, 2017, including interim periods therein. Early adoption is permitted, but not prior to the original effective date, which was for annual reporting periods beginning after December 15, 2016. The Registrants are working through an adoption plan which includes the evaluation of revenue contracts compared to the new standard and evaluating the impact of Topic 606 on the Registrants' results of operations, cash flows and financial position. |
Dispositions (Notes) |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Dispositions (GenOn and GenOn Americas Generation) Potrero Disposition (GenOn Americas Generation) On September 26, 2016, NRG Potrero LLC, or Potrero, an indirect wholly owned subsidiary of GenOn Americas Generation, completed the sale of real property at the Potrero generating station located in San Francisco, CA to California Barrel Company, LLC for total consideration of $86 million comprised of $74 million of cash received, which is net of $8 million of closing costs and $4 million to be held in escrow in order to cover post closing obligations. The sale resulted in a gain of approximately $74 million recognized within GenOn Americas Generation's consolidated results of operations during the third quarter of 2016. In October 2016, in connection with the completion of the Potrero real property disposition, Potrero received $16 million from GenOn Energy Holdings for the settlement of a note receivable which reduced the outstanding note receivable — affiliate balance of $331 million as of September 30, 2016 to $315 million during the fourth quarter of 2016. Refer to Note 9, Related Party Transactions — Intercompany Cash Management Program for further discussion of the note receivable — affiliate. Aurora Disposition (GenOn) On May 12, 2016, GenOn entered into an agreement with RA Generation, LLC to sell the Aurora Generating Station, or Aurora, for cash consideration of $365 million, subject to adjustments for working capital and the results of the PJM 2019/2020 Base Residual Auction. Aurora is an 878 MW natural gas facility located in Aurora, Illinois. On July 12, 2016, GenOn completed the sale of Aurora for cash proceeds of $369 million, including $4 million in adjustments primarily for the PJM base residual auction results and estimated working capital, which is subject to further adjustment. The sale resulted in a gain of approximately $188 million recognized within GenOn's consolidated results of operations during the quarter ended September 30, 2016. In connection with the sale, GenOn issued a guaranty to RA Generation, LLC for the payment of certain indemnified costs related to any damages, losses, or other expenses arising out of misrepresentation or breach of warranties or covenants under the purchase agreement subject to a cap of $365 million, which is reduced to $183 million on January 1, 2018 and then to $91 million beginning January 1, 2019 and will terminate upon the third anniversary of the sale. Seward Disposition (GenOn) On November 24, 2015, GenOn entered into an agreement with Seward Generation, LLC and an affiliate of Robindale Energy Services, Inc. to sell 100% of its interest in the Seward Generating Station, a 525 MW coal-fired facility in Pennsylvania, for cash consideration of $75 million. At December 31, 2015, GenOn had classified on its balance sheet the assets and liabilities of Seward as held for sale. On February 2, 2016, GenOn completed the sale of Seward and received gross cash proceeds of $75 million excluding $3 million of cash on hand transferred to the buyer. GenOn will also receive $5 million in deferred cash consideration in five $1 million annual installments and up to $2.5 million in payments contingent upon certain environmental requirements being impose by August 2017. In addition, Robindale committed to future inventory purchases from GenOn of $13 million through 2019. Shelby Disposition (GenOn) On November 9, 2015, GenOn entered into an agreement with an affiliate of Rockland Power Partners II, LP and Shelby County Energy Center, LLC to sell 100% of its interest in the Shelby Generating Station, a 352 MW natural gas-fired facility located in Illinois for cash consideration of $46 million. At December 31, 2015, GenOn had classified on its balance sheet the assets and liabilities of Shelby as held for sale. On March 1, 2016, GenOn completed the sale of Shelby for cash proceeds of $46 million which resulted in a gain of $29 million recognized within GenOn's consolidated results of operations during the first quarter of 2016. In addition, GenOn retained $10 million related to future revenue rights as part of the agreement of which $7 million had been received as of September 30, 2016. |
Fair Value of Financial Instruments |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments (GenOn, GenOn Americas Generation, GenOn Mid-Atlantic) | Fair Value of Financial Instruments (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) This footnote should be read in conjunction with the complete description under Note 4, Fair Value of Financial Instruments, to the Registrants' 2015 Form 10-K. For cash and cash equivalents, funds deposited by counterparties, accounts receivable, accounts payable, accrued liabilities, and cash collateral paid and received in support of energy risk management activities, the carrying amounts approximate fair value because of the short-term maturity of those instruments and are classified as Level 1 within the fair value hierarchy. The estimated carrying amounts and fair values of GenOn and GenOn Americas Generation’s debt are as follows: GenOn
The fair value of long-term debt that is estimated using reported market prices for instruments that are publicly traded is classified as Level 2 within the fair value hierarchy. The fair value of non-publicly traded debt is based on the income approach valuation technique using current interest rates for similar instruments with equivalent credit quality and is classified as Level 3 within the fair value hierarchy. The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of September 30, 2016 and December 31, 2015:
GenOn Americas Generation
The fair value of long-term debt is estimated using reported market prices for instruments that are publicly traded and is classified as Level 2 within the fair value hierarchy. Recurring Fair Value Measurements Derivative assets and liabilities are carried at fair market value. Realized and unrealized gains and losses included in earnings that are related to energy derivatives are recorded in operating revenues and cost of operations. GenOn The following tables present assets and liabilities (including affiliate amounts) measured and recorded at fair value on GenOn’s consolidated balance sheet on a recurring basis and their level within the fair value hierarchy:
(a) There were no transfers between Levels 1 and 2 during the three and nine months ended September 30, 2016. (b) Relates to mutual funds held in a rabbi trust for non-qualified deferred compensation plans for certain key and highly compensated employees.
(a) There were no transfers between Levels 1 and 2 during the year ended December 31, 2015. (b) Relates to mutual funds held in a rabbi trust for non-qualified deferred compensation plans for certain key and highly compensated employees. The following table reconciles, for the three and nine months ended September 30, 2016, and 2015, the beginning and ending balances for derivatives that are recognized at fair value in GenOn's consolidated financial statements at least annually using significant unobservable inputs:
(a) Consists of derivative assets and liabilities, net. (b) Transfers out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. GenOn Americas Generation The following tables present assets and liabilities (including affiliate amounts) measured and recorded at fair value on GenOn Americas Generation's consolidated balance sheet on a recurring basis and their level within the fair value hierarchy:
(a) There were no transfers between Levels 1 and 2 during the three and nine months ended September 30, 2016.
(a) There were no transfers between Levels 1 and 2 during the year ended December 31, 2015. The following table reconciles, for the three and nine months ended September 30, 2016, and 2015, the beginning and ending balances for GenOn Americas Generation's derivatives that are recognized at fair value in the consolidated financial statements at least annually using significant unobservable inputs:
(a) Consists of derivative assets and liabilities, net. (b) Transfers out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. GenOn Mid-Atlantic The following tables present assets and liabilities (including affiliate amounts) measured and recorded at fair value on GenOn Mid-Atlantic's consolidated balance sheet on a recurring basis and their level within the fair value hierarchy:
(a) There were no transfers between Levels 1 and 2 during the three and nine months ended September 30, 2016.
(a) There were no transfers between Levels 1 and 2 during the year ended December 31, 2015. The following table reconciles, for the three and nine months ended September 30, 2016, and 2015, the beginning and ending balances for GenOn Mid-Atlantic's derivatives that are recognized at fair value in the consolidated financial statements at least annually using significant unobservable inputs:
(a) Consists of derivative assets and liabilities, net. (b) Transfers out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. Derivative Fair Value Measurements A portion of the Registrants' contracts are exchange-traded contracts with readily available quoted market prices. A majority of the Registrants' contracts are non-exchange-traded contracts valued using prices provided by external sources, primarily price quotations available through brokers or over-the-counter and on-line exchanges. The remainder of the assets and liabilities represent contracts for which external sources or observable market quotes are not available for the whole term or for certain delivery months. These contracts are valued using various valuation techniques including but not limited to internal models that apply fundamental analysis of the market and corroboration with similar markets. As of September 30, 2016, contracts valued with prices provided by models and other valuation techniques make up 1% of GenOn's derivative assets and 3% of GenOn's derivative liabilities, 3% of GenOn Americas Generation’s derivative assets and 2% of GenOn Americas Generation's derivative liabilities and 1% of GenOn Mid-Atlantic’s derivative assets and 0% of GenOn Mid-Atlantic's derivative liabilities. The Registrants' significant positions classified as Level 3 include financial power and physical coal executed in illiquid markets as well as financial transmission rights, or FTRs. The significant unobservable inputs used in developing fair value include illiquid power and coal location pricing, which is derived as a basis to liquid locations. The basis spread is based on observable market data when available or derived from historic prices and forward market prices from similar observable markets when not available. For FTRs, the Registrants use the most recent auction prices to derive the fair value. The following tables quantify the significant unobservable inputs used in developing the fair value of the Registrants' Level 3 positions as of September 30, 2016 and December 31, 2015: GenOn
GenOn Americas Generation
GenOn Mid-Atlantic
The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of September 30, 2016, and December 31, 2015:
The fair value of each contract is discounted using a risk free interest rate. In addition, the Registrants apply a non-performance/credit reserve to reflect credit risk which is calculated based on published default probabilities. To the extent that the Registrants' net exposure under a specific master agreement is an asset, the Registrants use the counterparty's default swap rate. The credit reserve is added to the discounted fair value to reflect the exit price that a market participant would be willing to receive to assume the Registrants' liabilities or that a market participant would be willing to pay for the Registrants' assets. The Registrants' (non-performance)/credit reserves were as follows:
Under the guidance of ASC 815, entities may choose to offset cash collateral paid or received against the fair value of derivative positions executed with the same counterparties under the same master netting agreements. The Registrants have chosen not to offset positions as defined in ASC 815. As of September 30, 2016, GenOn recorded $119 million of cash collateral paid, which includes $76 million of collateral paid to NRG, and $10 million of cash collateral received on its balance sheet. As of September 30, 2016, GenOn Americas Generation recorded $117 million of cash collateral paid, which includes $76 million of collateral paid to NRG, and $10 million of cash collateral received on its balance sheet. As of September 30, 2016, GenOn Mid-Atlantic had no outstanding cash collateral paid or received on its balance sheet. Concentration of Credit Risk In addition to the credit risk discussion as disclosed in Note 2, Summary of Significant Accounting Policies, to the Registrants' 2015 Form 10-K, the following is a discussion of the concentration of credit risk for the Registrants’ financial instruments. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. The Registrants are exposed to counterparty credit risk through various activities including wholesale sales and fuel purchases. Counterparty Credit Risk The Registrants' counterparty credit risk policies are disclosed in their 2015 Form 10-K. As of September 30, 2016, GenOn's counterparty credit exposure was $189 million and GenOn held no collateral (cash and letters of credit) against those positions, resulting in a net exposure of $189 million. Approximately 97% of GenOn's exposure before collateral is expected to roll off by the end of 2017. As of September 30, 2016, GenOn Americas Generation’s counterparty credit exposure was $183 million and GenOn Americas Generation held no collateral (cash and letters of credit) against those positions, resulting in a net exposure of $183 million. Approximately 97% of GenOn Americas Generation’s exposure before collateral is expected to roll off by the end of 2017. As of September 30, 2016, GenOn Mid-Atlantic had no counterparty credit exposure. The following tables highlight net counterparty credit exposure by industry sector and by counterparty credit quality. Net counterparty credit exposure is defined as the aggregate net asset position for the Registrants with counterparties where netting is permitted under the enabling agreement and includes all cash flow, mark-to-market, NPNS and non-derivative transactions. The exposure is shown net of collateral held and includes amounts net of receivables or payables.
The Registrants have counterparty credit risk exposure to certain counterparties, each of which represent more than 10% of their respective total net exposure discussed above. The aggregate of such counterparties' exposure was $158 million, $158 million and $0 million for GenOn, GenOn Americas Generation and GenOn Mid-Atlantic, respectively. Changes in hedge positions and market prices will affect credit exposure and counterparty concentration. Given the credit quality, diversification and term of the exposure in the portfolio, the Registrants do not anticipate a material impact on their financial position or results of operations from nonperformance by any of their counterparties. |
Accounting for Derivative Instruments and Hedging Activities |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting for Derivative Instruments and Hedging Activities (GenOn, GenOn Americas Generation, GenOn Mid-Atlantic) | Accounting for Derivative Instruments and Hedging Activities (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) This footnote should be read in conjunction with the complete description under Note 5, Accounting for Derivative Instruments and Hedging Activities, to the Registrants' 2015 Form 10-K. Energy-Related Commodities (GenOn) As of September 30, 2016, GenOn had energy-related derivative financial instruments extending through 2019. Volumetric Underlying Derivative Transactions (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) The following table summarizes the net notional volume buy/(sell) of the Registrants’ open derivative transactions broken out by commodity, excluding those derivatives that qualified for the NPNS exception, as of September 30, 2016 and December 31, 2015. Option contracts are reflected using delta volume. Delta volume equals the notional volume of an option adjusted for the probability that the option will be in-the-money at its expiration date.
The change in the natural gas position was the result of buying natural gas to convert fixed price natural gas hedges into fixed price power hedges, as well as the settlement of positions during the period. Fair Value of Derivative Instruments (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) The following tables summarize the fair value within the derivative instrument valuation on the balance sheet: GenOn
GenOn Americas Generation
GenOn Mid-Atlantic
The Registrants have elected to present derivative assets and liabilities on the balance sheet on a trade-by-trade basis and do not offset amounts at the counterparty master agreement level. In addition, collateral received or paid on the Registrants' derivative assets or liabilities are recorded on a separate line item on the balance sheet. The following tables summarize the offsetting of derivatives by counterparty master agreement level and collateral received or paid: GenOn
GenOn Americas Generation
GenOn Mid-Atlantic
Impact of Derivative Instruments on the Statements of Operations (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Unrealized gains and losses associated with changes in the fair value of derivative instruments are reflected in current period earnings. During 2016, the Registrants' have been undergoing the process of closing out and financially settling certain open positions with counterparties. The closure and financial settlements with these counterparties were necessary to manage the increases in collateral posting requirements following rating agency downgrades, as further described in Note 7, Debt and Capital Leases, and reduce expected collateral costs associated with exchange cleared hedge transactions. The following tables summarize the pre-tax effects of economic hedges. These amounts are included within operating revenues and cost of operations. GenOn
As discussed above, GenOn realized approximately $38 million due to the closure and financial settlement of all open positions with one of GenOn's counterparties during the second quarter of 2016, for which $18 million, $19 million and $1 million would have realized during the remainder of 2016 and in 2017 and 2018, respectively. In addition, GenOn realized $98 million due to the closure and financial settlement of certain open positions with an additional counterparty during the third quarter of 2016, for which $82 million, $13 million and $3 million would have otherwise been realized in 2017, 2018, and 2019, respectively. GenOn has entered into additional transactions with NRG Power Marketing LLC and an external counterparty in order to re-hedge the positions settled with certain counterparties. GenOn Americas Generation
As discussed above, GenOn Americas Generation realized approximately $35 million due to the closure and financial settlement of all open positions with one of GenOn Americas Generation's counterparties during the second quarter of 2016, for which $16 million and $19 million would have otherwise been realized during the remainder of 2016 and in 2017, respectively. In addition, GenOn Americas Generation realized $50 million due to the closure and financial settlement of certain open positions with an additional counterparty during the third quarter of 2016, for which $46 million and $4 million would have otherwise been realized in 2017 and 2018, respectively. GenOn has entered into additional transactions with NRG Power Marketing LLC and an external counterparty in order to re-hedge the positions settled with certain counterparties. GenOn Mid-Atlantic
As discussed above, GenOn Mid-Atlantic realized approximately $35 million due to the closure and financial settlement of all open positions with one of GenOn Mid-Atlantic's counterparties during the second quarter of 2016, for which $16 million and $19 million would have otherwise been realized during the remainder of 2016 and in 2017, respectively. In addition, GenOn Mid-Atlantic realized $50 million due to the closure and financial settlement of certain open positions with an additional counterparty during the third quarter of 2016, for which $46 million and $4 million would have otherwise been realized in 2017 and 2018, respectively. GenOn has entered into additional transactions with NRG Power Marketing LLC and an external counterparty in order to re-hedge the positions settled with certain counterparties. Credit Risk Related Contingent Features (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Certain of GenOn and GenOn Americas Generation’s hedging agreements contain provisions that require the Registrants to post additional collateral if the counterparty determines that there has been deterioration in credit quality, generally termed "adequate assurance" under the agreements, or require the Registrants to post additional collateral if there were a one notch downgrade in the Registrants’ credit rating. The collateral required for contracts that have adequate assurance clauses that are in net liability positions as of September 30, 2016, was $13 million for GenOn and GenOn Americas Generation. As of September 30, 2016, no collateral was required for contracts with credit rating contingent features that are in a net liability position for GenOn and GenOn Americas Generation. GenOn and GenOn Americas Generation are also party to certain marginable agreements under which $2 million collateral was due as of September 30, 2016. As of September 30, 2016, GenOn Mid-Atlantic did not have any financial instruments with credit-risk-related contingent features. See Note 4, Fair Value of Financial Instruments, for discussion regarding concentration of credit risk. |
Impairments (Notes) |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Income Statement [Abstract] | |
Asset Impairment Charges [Text Block] | Impairments (GenOn) Long-Lived Asset Impairments (GenOn) Mandalay and Ormond Beach (GenOn) — On May 26, 2016, the CPUC rejected a multi-year resource adequacy contract between Mandalay and Southern California Edison. Also during the second quarter of 2016, the Statewide Advisory Committee on Cooling Water Intake Structures, or SACCWIS, issued a draft April 2016 Report noting that CAISO plans to continue to assume in its transmission studies that Ormond Beach will not operate after December 31, 2020, the deadline for Ormond Beach compliance with California regulations to mitigate once-through cooling (OTC) impacts. The Registrant does not anticipate that contracts of sufficient value can be secured to support the significant investment required to design, permit, construct and operate measures required for OTC compliance. As a result, on May 6, 2016, the Registrant notified SACCWIS that it does not expect to continue to operate Ormond Beach beyond 2020. Additionally, during the second quarter of 2016, CAISO issued its Local Capacity Requirements report for 2017 indicating unfavorable changes within the local reliability areas in which both Mandalay and Ormond Beach are located. The culmination of these events were considered to be indicators of impairment and as a result, GenOn performed impairment tests for the Mandalay and Ormond Beach assets under ASC 360, Property, Plant and Equipment. Based on the results of the impairment tests, GenOn determined that the carrying amount of these assets was higher than the estimated future net cash flows expected to be generated by the respective assets and that the Mandalay and Ormond Beach assets were impaired. The fair value of the Mandalay and Ormond Beach operating units was determined using the income approach which utilizes estimates of discounted future cash flows, which were Level 3 fair value measurements and include key inputs such as forecasted contract prices, forecasted operating expenses and discount rates. GenOn measured the impairment losses as the difference between the carrying amount of the Mandalay and Ormond Beach operating units and the present value of the estimated future net cash flows for each respective operating unit. GenOn recorded an impairment loss of $16 million and $43 million for Mandalay and Ormond Beach, respectively, during the three months ended June 30, 2016. |
Debt and Capital Leases (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Capital Leases Disclosures [Text Block] | Debt and Capital Leases (GenOn and GenOn Americas Generation) Long-term debt and capital leases consisted of the following:
(a) The Long Term Service Agreement for the Hunterstown facility is accounted for as a debt financing liability in accordance with GAAP. Long-term debt including current maturities includes the following premiums:
On October 7, 2016, GenOn's corporate credit rating was lowered by Moody's from Caa2 to Caa3 and its probability of default rating was lowered from Caa2-PD to Caa3-PD. In addition, Moody's also lowered the ratings of REMA and GenOn Mid-Atlantic's pass through certificates to Caa1 from B2. These changes are an update from March 21, 2016, at which time GenOn's corporate credit rating was lowered from B3 to Caa2. At that time, Moody's also lowered the issue-level ratings on the GenOn Senior Notes from B3 to Caa2 and the GenOn Americas Generation Senior Notes from Caa1 to Caa2. On May 24, 2016, GenOn's corporate credit rating was lowered by S&P to CCC from CCC+. S&P also lowered the issue-level ratings on the GenOn Senior Notes from B- to CCC+ and the GenOn Americas Generation Senior Notes from CCC+ to CCC. |
Income Taxes |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes (GenOn, GenOn Americas Generation, GenOn Mid-Atlantic) | Income Taxes (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) GenOn GenOn’s income tax expense consisted of the following:
For the three and nine months ended September 30, 2016 and 2015, respectively, GenOn's overall effective tax rate was lower than the statutory rate of 35% primarily due to a change in the valuation allowance, offset by the impact of state income taxes associated with the disposition of generating stations during the year. GenOn Americas Generation GenOn Americas Generation's allocated income taxes resulting from its operations for the three and nine months ended September 30, 2016 and 2015 were $0. GenOn Americas Generation's pro forma income taxes resulting from its operations for the three and nine months ended September 30, 2016 and 2015 are $0 due to the valuation allowance recorded on its stand-alone financial results. GenOn Mid-Atlantic GenOn Mid-Atlantic’s allocated income taxes resulting from its operations are $0 for the three and nine months ended September 30, 2016 and 2015. The pro forma income tax provision attributable to income before taxes is a tax expense of $23 million and $17 million during the three months ended September 30, 2016 and 2015, respectively. The pro forma income tax provision attributable to income before taxes is a tax expense of $25 million and $27 million during the nine months ended September 30, 2016 and 2015, respectively. The balance of GenOn Mid-Atlantic's pro forma deferred income taxes is a net deferred tax asset of $31 million and $56 million as of September 30, 2016 and December 31, 2015, respectively, as no valuation allowance is required on the net deferred tax asset. |
Related Party Transactions |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions (GenOn, GenOn Americas Generaiton, GenOn Mid-Atlantic) | Related Party Transactions (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Services Agreement with NRG NRG provides GenOn with various management, personnel and other services, which include human resources, regulatory and public affairs, accounting, tax, legal, information systems, treasury, risk management, commercial operations, and asset management, as set forth in its services agreement with NRG, or the Services Agreement. The initial term of the Services Agreement was through December 31, 2013, with an automatic renewal absent a request for termination. The fee charged is determined based on a fixed amount as described in the Services Agreement and was calculated based on historical GenOn expenses prior to the NRG Merger. The annual fees under the Services Agreement are approximately $193 million. NRG charges these fees on a monthly basis, less amounts incurred directly by GenOn. Management has concluded that this method of charging overhead costs is reasonable. For the three and nine months ended September 30, 2016, GenOn recorded costs related to these services of $46 million and $139 million, respectively, as general and administrative — affiliate. For the three and nine months ended September 30, 2015, GenOn recorded costs related to these services of $42 million and $139 million, respectively, as general and administrative — affiliate. Under the Services Agreement, NRG also provides GenOn Americas Generation and GenOn Mid-Atlantic with various management, personnel and other services consistent with those set forth in the Services Agreement discussed above between NRG and GenOn. GenOn's costs incurred under the Services Agreement with NRG are allocated to its subsidiaries based on each operating subsidiary's planned operating expenses relative to all operating subsidiaries of GenOn. These allocations and charges are not necessarily indicative of what would have been incurred had GenOn Americas Generation and GenOn Mid-Atlantic been unaffiliated entities. Management has concluded that this method of charging overhead costs is reasonable. The following costs were incurred under these arrangements: GenOn Americas Generation
GenOn Mid-Atlantic
Credit Agreement with NRG (GenOn) GenOn and NRG Americas, Inc. are party to a secured intercompany revolving credit agreement with NRG. This credit agreement provides for a $500 million revolving credit facility, all of which is available for revolving loans and letters of credit. At September 30, 2016 and December 31, 2015, $207 million and $278 million, respectively, of letters of credit were issued and outstanding under the NRG credit agreement for GenOn. Of this amount, $149 million and $227 million, respectively, were issued on behalf of GenOn Americas Generation, which includes $76 million and $131 million issued on behalf of GenOn Mid-Atlantic as of September 30, 2016 and December 31, 2015, respectively. At September 30, 2016 and December 31, 2015, no loans were outstanding under this credit agreement. Certain of GenOn's subsidiaries, as guarantors, entered into a guarantee agreement pursuant to which these guarantors guaranteed amounts borrowed and obligations incurred under the credit agreement. The guarantors are restricted from incurring additional liens on certain of their assets. The credit agreement is payable at maturity, subject to certain exceptions primarily related to asset sales not in the ordinary course of business and borrowings of debt and matures in December of 2018. At GenOn's election, the interest rate per year applicable to the loans under the credit agreement will be determined by reference to either (i) the base rate plus 2.50% per year or (ii) the LIBOR rate plus 3.50% per year. In addition, the credit agreement contains customary covenants and events of default. As of September 30, 2016, GenOn was in compliance with covenants under the credit agreement with NRG. Intercompany Cash Management Program (GenOn Americas Generation) GenOn Americas Generation and certain of its subsidiaries participate in separate intercompany cash management programs whereby cash balances at GenOn Americas Generation and the respective participating subsidiaries are transferred to central concentration accounts to fund working capital and other needs of the respective participants. The balances under this program are reflected as notes receivable — affiliate and accounts receivable — affiliate or notes payable — affiliate and accounts payable — affiliate, as appropriate. The balances are due on demand and notes receivable — affiliate and notes payable — affiliate accrue interest on the net position, which is payable quarterly, at a rate determined by GenOn Energy Holdings, a wholly owned subsidiary of GenOn. At September 30, 2016, and December 31, 2015, GenOn Americas Generation had a net current note receivable — affiliate from GenOn Energy Holdings of $331 million related to its intercompany cash management program. For the nine months ended September 30, 2016, and 2015, GenOn Americas Generation earned an insignificant amount of net interest income related to these notes. Additionally, at September 30, 2016, and December 31, 2015, GenOn Americas Generation had an accounts payable — affiliate of $17 million and $41 million, respectively, with GenOn Energy Holdings. Refer to Note 3, Dispositions for discussion of the sale of real property at Potrero and related settlement of the note receivable. Intercompany Hedging Agreements with NRG Under intercompany agreements, NRG Power Marketing LLC may from time to time enter into physical and financial intercompany commodity and hedging transactions with GenOn and certain of its subsidiaries. Subject to applicable collateral thresholds, these arrangements may provide for the bilateral exchange of credit support based upon market exposure and potential market movements. The terms and conditions of the agreements are generally consistent with industry practices and other third party arrangements. As of September 30, 2016, GenOn has no net exposure under these arrangements. |
Commitments and Contingencies |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies (GenOn, GenOn Americas Generation, GenOn Mid-Atlantic) | Commitments and Contingencies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) This footnote should be read in conjunction with the complete description under Note 15, Commitment and Contingencies, to the Registrants' 2015 Form 10-K. Contingencies The Registrants’ material legal proceedings are described below. The Registrants believe that they have valid defenses to these legal proceedings and intend to defend them vigorously. The Registrants record reserves for estimated losses from contingencies when information available indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. As applicable, the Registrants' have established an adequate reserve for the matters discussed below. In addition, legal costs are expensed as incurred. Management has assessed each of the following matters based on current information and made a judgment concerning its potential outcome, considering the nature of the claim, the amount and nature of damages sought, and the probability of success. Unless specified below, the Registrants are unable to predict the outcome of these legal proceedings or reasonably estimate the scope or amount of any associated costs and potential liabilities. As additional information becomes available, management adjusts its assessment and estimates of such contingencies accordingly. Because litigation is subject to inherent uncertainties and unfavorable rulings or developments, it is possible that the ultimate resolution of the Registrants’ liabilities and contingencies could be at amounts that are different from their currently recorded reserves and that such difference could be material. In addition to the legal proceedings noted below, the Registrants are parties to other litigation or legal proceedings arising in the ordinary course of business. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect the Registrants’ respective consolidated financial position, results of operations, or cash flows. Actions Pursued by MC Asset Recovery (GenOn) — With Mirant Corporation's emergence from bankruptcy protection in 2006, certain actions filed by GenOn Energy Holdings and some of its subsidiaries against third parties were transferred to MC Asset Recovery, a wholly owned subsidiary of GenOn Energy Holdings. MC Asset Recovery is governed by a manager who is independent of NRG and GenOn. MC Asset Recovery is a disregarded entity for income tax purposes. Under the remaining action transferred to MC Asset Recovery, MC Asset Recovery seeks to recover damages from Commerzbank AG and various other banks, or the Commerzbank Defendants, for alleged fraudulent transfers that occurred prior to Mirant's bankruptcy proceedings. In December 2010, the U.S. District Court for the Northern District of Texas dismissed MC Asset Recovery's complaint against the Commerzbank Defendants. In January 2011, MC Asset Recovery appealed the District Court's dismissal of its complaint against the Commerzbank Defendants to the U.S. Court of Appeals for the Fifth Circuit, or the Fifth Circuit. In March 2012, the Fifth Circuit reversed the District Court's dismissal and reinstated MC Asset Recovery's amended complaint against the Commerzbank Defendants. On December 10, 2015, the District Court granted summary judgment in favor of the Commerzbank Defendants. On December 29, 2015, MC Asset Recovery filed a notice to appeal this judgment with the Fifth Circuit. The appeal has been fully briefed by the parties. Oral argument is scheduled for December 5, 2016. Natural Gas Litigation (GenOn) — GenOn is party to several lawsuits, certain of which are class action lawsuits, in state and federal courts in Kansas, Missouri, Nevada and Wisconsin. These lawsuits were filed in the aftermath of the California energy crisis in 2000 and 2001 and the resulting FERC investigations and relate to alleged conduct to increase natural gas prices in violation of state antitrust law and similar laws. The lawsuits seek treble or punitive damages, restitution and/or expenses. The lawsuits also name as parties a number of energy companies unaffiliated with NRG. In July 2011, the U.S. District Court for the District of Nevada, which was handling four of the five cases, granted the defendants' motion for summary judgment and dismissed all claims against GenOn in those cases. The plaintiffs appealed to the U.S. Court of Appeals for the Ninth Circuit which reversed the decision of the District Court. GenOn along with the other defendants in the lawsuit filed a petition for a writ of certiorari to the U.S. Supreme Court challenging the Court of Appeals' decision and the Supreme Court granted the petition. On April 21, 2015, the Supreme Court affirmed the Ninth Circuit’s holding that plaintiffs’ state antitrust law claims are not field-preempted by the federal Natural Gas Act and the Supremacy Clause of the U.S. Constitution. The Supreme Court left open whether the claims were preempted on the basis of conflict preemption. The Supreme Court directed that the case be remanded to the U.S. District Court for the District of Nevada for further proceedings. On March 7, 2016, class plaintiffs filed their motions for class certification. Defendants filed their briefs in opposition to class plaintiffs' motions for class certification on June 24, 2016. On December 8, 2016, the court will hear oral argument on several motions, including plaintiffs' motion on class certification. On May 20, 2016, the U.S. District Court for the District of Nevada heard argument on the defendants' motion for summary judgment in one of the Kansas cases. On May 24, 2016, the court granted the motion for summary judgment as to the GenOn entity in one of the Kansas cases. GenOn has agreed to indemnify CenterPoint against certain losses relating to these lawsuits. In September 2012, the State of Nevada Supreme Court, which was handling the remaining case, affirmed dismissal by the Eighth Judicial District Court for Clark County, Nevada of all plaintiffs' claims against GenOn. In February 2013, the plaintiffs in the Nevada case filed a petition for a writ of certiorari to the U.S. Supreme Court. In June 2013, the Supreme Court denied the petition for a writ of certiorari, thereby ending one of the five lawsuits. Maryland Department of the Environment v. GenOn Chalk Point and GenOn Mid-Atlantic — On January 25, 2013, Food & Water Watch, the Patuxent Riverkeeper and the Potomac Riverkeeper (together, the Citizens Group) sent GenOn Mid-Atlantic a letter alleging that the Chalk Point, Dickerson and Morgantown generating stations were violating the terms of the three National Pollution Discharge Elimination System permits by discharging nitrogen and phosphorous in excess of the limits in each permit. On March 21, 2013, the MDE sent GenOn Mid-Atlantic a similar letter with respect to the Chalk Point and Dickerson generating stations, threatening to sue within 60 days if the generating stations were not brought into compliance. On June 11, 2013, the Maryland Attorney General on behalf of the MDE filed a complaint in the U.S. District Court for the District of Maryland alleging violations of the CWA and Maryland environmental laws related to water. In August 2016, the court approved a consent decree to settle the matter. The consent decree requires: (1) improving the wastewater treatment systems at the Chalk Point and Dickerson facilities which was completed in October 2016; (2) completing supplemental environmental projects worth $1 million; and (3) paying a civil penalty of $1 million. The Company has improved the wastewater treatment systems at the Chalk Point and Dickerson facilities and paid the civil penalty of $1 million. Chapter 11 Proceedings (GenOn and GenOn Americas Generation) — In July 2003, and various dates thereafter, the Mirant Debtors filed voluntary petitions in the Bankruptcy Court for relief under Chapter 11 of the U.S. Bankruptcy Code. GenOn Energy Holdings and most of the other Mirant Debtors emerged from bankruptcy on January 3, 2006, when the Plan became effective. The remaining Mirant Debtors emerged from bankruptcy on various dates in 2007. Approximately 461,000 of the shares of GenOn Energy Holdings common stock to be distributed under the Plan have not yet been distributed and have been reserved for distribution with respect to claims disputed by the Mirant Debtors that have not been resolved. Upon the Mirant/RRI Merger, those reserved shares converted into a reserve for approximately 1.3 million shares of GenOn common stock. Upon the NRG Merger, those reserved shares converted into a reserve for approximately 159,000 shares of NRG common stock. Under the terms of the Plan, upon the resolution of such a disputed claim, the claimant will receive the same pro rata distributions of common stock, cash, or both as previously allowed claims, regardless of the price at which the common stock is trading at the time the claim is resolved. If the aggregate amount of any such payouts results in the number of reserved shares being insufficient, additional shares of common stock may be issued to address the shortfall. Potomac River Environmental Investigation — In March 2013, NRG Potomac River LLC received notice that the District of Columbia Department of Environment (now renamed the Department of Energy and Environment, or DOEE) was investigating potential discharges to the Potomac River originating from the Potomac River Generating station site, a site where the generation station is no longer in operation. In connection with that investigation, DOEE served a civil subpoena on NRG Potomac River LLC requesting information related to the site and potential discharges occurring from the site. NRG Potomac River LLC provided various responsive materials. In January 2016, DOEE advised NRG Potomac River LLC that DOEE believed various environmental violations had occurred as a result of discharges DOEE believes occurred to the Potomac River from the Potomac River Generating station site and as a result of associated failures to accurately or sufficiently report such discharges. DOEE has indicated it believes that penalties are appropriate in light of the violations. The Registrants are currently reviewing the information provided by DOEE. |
Regulatory Matters |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Regulatory Matters Disclosure [Abstract] | |
Regulatory Matters (GenOn, GenOn Americas Generation, GenOn Mid-Atlantic) | Regulatory Matters (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) This footnote should be read in conjunction with the complete description under Note 16, Regulatory Matters, to the Registrants' 2015 Form 10-K. The Registrants operate in a highly regulated industry and are subject to regulation by various federal and state agencies. As such, the Registrants are affected by regulatory developments at both the federal and state levels and in the regions in which they operate. In addition, the Registrants are subject to the market rules, procedures, and protocols of the various ISO and RTO markets in which they participate. These power markets are subject to ongoing legislative and regulatory changes that may impact the Registrants' wholesale business. In addition to the regulatory proceeding noted below, the Registrants are parties to other regulatory proceedings arising in the ordinary course of business or have other regulatory exposure. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect the Registrants’ respective consolidated financial position, results of operations, or cash flows. PJM Capacity Performance Appeals — On or about July 8, 2016, four petitions were filed at the U.S. Court of Appeals for the D.C. Circuit seeking review of the FERC orders approving PJM’s Capacity Performance revisions to its forward capacity market after motions for rehearing at FERC were denied on May 10, 2016. The Registrants intervened in these matters on July 29, 2016. Briefing is underway. This case concerns capacity revenues already received by the Registrants, as well as revenues that would be received in the future. |
Environmental Matters |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Environmental Matters Disclosure [Abstract] | |
Environmental Matters (GenOn, GenOn Americas Generation, GenOn Mid-Atlantic) | Environmental Matters (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) This footnote should be read in conjunction with the complete description under Note 17, Environmental Matters, to the Registrants' 2015 Form 10-K. The Registrants are subject to a wide range of environmental laws in the development, construction, ownership and operation of projects. These laws generally require that governmental permits and approvals be obtained before construction and during operation of power plants. Environmental laws have become increasingly stringent and the Registrants expect this trend to continue. The electric generation industry is facing new requirements regarding GHGs, combustion byproducts, water discharge and use, and threatened and endangered species. In general, future laws are expected to require the addition of emissions controls or other environmental controls or to impose certain restrictions on the operations of the Registrants' facilities, which could have a material effect on the Registrants' respective consolidated financial position, results of operations, or cash flows. The EPA finalized CSAPR in 2011, which was intended to replace CAIR in January 2012, to address certain states' obligations to reduce emissions so that downwind states can achieve federal air quality standards. In December 2011, the D.C. Circuit stayed the implementation of CSAPR and then vacated CSAPR in August 2012 but kept CAIR in place until the EPA could replace it. In April 2014, the U.S. Supreme Court reversed and remanded the D.C. Circuit's decision. In October 2014, the D.C. Circuit lifted the stay of CSAPR. In response, the EPA in November 2014 amended the CSAPR compliance dates. Accordingly, CSAPR replaced CAIR on January 1, 2015. On July 28, 2015, the D.C. Circuit held that the EPA had exceeded its authority by requiring certain reductions that were not necessary for downwind states to achieve federal standards. Although the D.C. Circuit kept the rule in place, the court ordered the EPA to revise the Phase 2 (or 2017) (i) SO2 budgets for four states and (ii) ozone-season NOx budgets for 11 states including Maryland, New Jersey, New York, Ohio and Pennsylvania. On October 26, 2016, the EPA finalized the CSAPR Update Rule, which reduces future NOx allocations and discounts the current banked allowances to account for the more stringent 2008 Ozone NAAQS and to address the D.C. Circuit's July 2015 decision. The Registrants believe their investment in pollution controls and cleaner technologies leave the fleet well-positioned for compliance. In February 2012, the EPA promulgated standards (the MATS rule) to control emissions of HAPs from coal and oil-fired electric generating units. The rule established limits for mercury, non-mercury metals, certain organics and acid gases, which limits had to be met beginning in April 2015 (with some units getting a 1-year extension). In June 2015, the U.S. Supreme Court issued a decision in the case of Michigan v. EPA, and held that the EPA unreasonably refused to consider costs when it determined that it was "appropriate and necessary" to regulate HAPs emitted by electric generating units. The U.S. Supreme Court did not vacate the MATS rule but rather remanded it to the D.C. Circuit for further proceedings. In December 2015, the D.C. Circuit remanded the MATS rule to the EPA without vacatur. On April 25, 2016, the EPA released a supplemental finding that the benefits of this regulation outweigh the costs to address the U.S. Supreme Court's ruling that the EPA had not properly considered costs. This finding has been challenged in the D.C. Circuit. While the Registrants cannot predict the final outcome of this rulemaking, the Registrants believe that because they have already invested in pollution controls and cleaner technologies, their fleet is well-positioned to comply with the MATS rule. Water In August 2014, the EPA finalized the regulation regarding the use of water for once through cooling at existing facilities to address impingement and entrainment concerns. The Registrants anticipate that more stringent requirements will be incorporated into some of their water discharge permits over the next several years as NPDES permits are renewed. Byproducts, Wastes, Hazardous Materials and Contamination In April 2015, the EPA finalized the rule regulating byproducts of coal combustion (e.g., ash and gypsum) as solid wastes under the RCRA. The Registrants have evaluated the impact of the new rule on the Registrants' respective consolidated financial position, results of operations, or cash flows and have accrued their environmental and asset retirement obligations under the rule based on current estimates as of September 30, 2016. Environmental Capital Expenditures GenOn estimates that environmental capital expenditures from 2016 through 2020 required to comply with environmental laws will be approximately $76 million for GenOn, which includes $22 million for GenOn Americas Generation. The amount for GenOn Americas Generation includes $18 million for GenOn Mid-Atlantic. |
Basis of Presentation Reclassification (Policies) |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain prior year amounts have been reclassified for comparative purposes. The reclassifications did not affect results from operations, net assets or cash flows. |
Basis of Presentation Use of Estimates (Policies) |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Developments (GenOn, GenOn Americas Generation, and GenOn Mid-Atlantic) ASU 2016-16 — In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory, or ASU No. 2016-16. The amendments of ASU No. 2016-16 were issued to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party which has resulted in diversity in practice and increased complexity within financial reporting. The amendments of ASU No. 2016-16 would require an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs and do not require new disclosure requirements. The amendments of ASU No. 2016-16 are effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted and the adoption of ASU No. 2016-16 should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Registrants are currently evaluating the impact of the standard on the Registrants’ results of operations, cash flows and financial position. ASU 2016-15 — In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments, or ASU No. 2016-15. The amendments of ASU No. 2016-15 were issued to address eight specific cash flow issues for which stakeholders have indicated to the FASB that a diversity in practice existed in how entities were presenting and classifying these items in the statement of cash flows. The issues addressed by ASU No. 2016-15 include but are not limited to the classification of debt prepayment and debt extinguishment costs, payments made for contingent consideration for a business combination, proceeds from the settlement of insurance proceeds, distributions received from equity method investees and separately identifiable cash flows and the application of the predominance principle. The amendments of ASU No. 2016-15 are effective for public entities for fiscal years beginning after December 15, 2017 and interim periods in those fiscal years. Early adoption is permitted, including adoption in an interim fiscal period with all amendments adopted in the same period. The adoption of ASU No. 2016-15 is required to be applied retrospectively. The Registrants are currently evaluating the impact of the standard on the Registrants’ statement of cash flows. ASU 2016-02 — In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), or ASU No. 2016-02. The amendments of ASU No. 2016-02 complete the joint effort between the FASB and the International Accounting Standards Board, or IASB, to develop a common leasing standard for GAAP and International Financial Reporting Standards, or IFRS, with the objective to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and to improve financial reporting. The guidance in ASU No. 2016-02 provides that a lessee that may have previously accounted for a lease as an operating lease under current GAAP should recognize the assets and liabilities that arise from a lease on the balance sheet. In addition, ASU No. 2016-02 expands the required quantitative and qualitative disclosures with regards to lease arrangements. The guidance in ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those annual periods. The adoption of ASU No. 2016-02 is required to be applied using a modified retrospective approach for the earliest period presented and early adoption is permitted. The Registrants are currently working through an adoption plan which includes the evaluation of lease contracts compared to the new standard and evaluating the impact of ASU No. 2016-02 on the Registrants' results of operations, cash flows and financial position. ASU 2016-01 — In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, or ASU No. 2016-01. The amendments of ASU No. 2016-01 eliminate available-for-sale classification of equity investments and require that equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be generally measured at fair value with changes in fair value recognized in net income. Further, the amendments require that financial assets and financial liabilities to be presented separately in the notes to the financial statements, grouped by measurement category and form of financial asset. The guidance in ASU No. 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. The Registrants are currently evaluating the impact of the standard on the Registrants' results of operations, cash flows and financial position. ASU 2014-09 — In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), or ASU No. 2014-09. The amendments of ASU No. 2014-09 complete the joint effort between the FASB and the IASB, to develop a common revenue standard for GAAP and IFRS, and to improve financial reporting. In addition to ASU No. 2014-09, the FASB issued additional guidance which provides further clarification on Topic 606 including ASU No. 2016-08, ASU No. 2016-10 and ASU No. 2016-12. The guidance under Topic 606 provides that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for the goods or services provided and establishes a four step process to be applied by an entity in evaluating its contracts with customers. In August 2015, the FASB issued ASU No. 2015-14, which formally deferred the effective date by one year to make the guidance of ASU No. 2014-09 effective for annual reporting periods beginning after December 15, 2017, including interim periods therein. Early adoption is permitted, but not prior to the original effective date, which was for annual reporting periods beginning after December 15, 2016. The Registrants are working through an adoption plan which includes the evaluation of revenue contracts compared to the new standard and evaluating the impact of Topic 606 on the Registrants' results of operations, cash flows and financial position. |
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Balance Sheet Disclosures [Text Block] | The following table presents the accumulated depreciation included in property plant and equipment, net, and accumulated amortization included in intangible assets, net, respectively, for each of the Registrants as of September 30, 2016 and December 31, 2015:
|
Fair Value of Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated carrying amounts and fair values of recorded financial instruments not carried at fair market value | The estimated carrying amounts and fair values of GenOn and GenOn Americas Generation’s debt are as follows: GenOn
The fair value of long-term debt that is estimated using reported market prices for instruments that are publicly traded is classified as Level 2 within the fair value hierarchy. The fair value of non-publicly traded debt is based on the income approach valuation technique using current interest rates for similar instruments with equivalent credit quality and is classified as Level 3 within the fair value hierarchy. The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of September 30, 2016 and December 31, 2015:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured and recorded at fair value on the consolidated balance sheets on a recurring basis | GenOn The following tables present assets and liabilities (including affiliate amounts) measured and recorded at fair value on GenOn’s consolidated balance sheet on a recurring basis and their level within the fair value hierarchy:
(a) There were no transfers between Levels 1 and 2 during the three and nine months ended September 30, 2016. (b) Relates to mutual funds held in a rabbi trust for non-qualified deferred compensation plans for certain key and highly compensated employees.
(a) There were no transfers between Levels 1 and 2 during the year ended December 31, 2015. (b) Relates to mutual funds held in a rabbi trust for non-qualified deferred compensation plans for certain key and highly compensated employees. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements at least annually using significant unobservable inputs | The following table reconciles, for the three and nine months ended September 30, 2016, and 2015, the beginning and ending balances for derivatives that are recognized at fair value in GenOn's consolidated financial statements at least annually using significant unobservable inputs:
(a) Consists of derivative assets and liabilities, net. (b) Transfers out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | GenOn
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Sensitivity Analysis [Table Text Block] | The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of September 30, 2016, and December 31, 2015:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of credit reserves for derivative contract assets | The Registrants' (non-performance)/credit reserves were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net counterparty credit exposure by industry sector and by counterparty credit quality | The following tables highlight net counterparty credit exposure by industry sector and by counterparty credit quality. Net counterparty credit exposure is defined as the aggregate net asset position for the Registrants with counterparties where netting is permitted under the enabling agreement and includes all cash flow, mark-to-market, NPNS and non-derivative transactions. The exposure is shown net of collateral held and includes amounts net of receivables or payables.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GenOn Americas Generation, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated carrying amounts and fair values of recorded financial instruments not carried at fair market value | GenOn Americas Generation
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured and recorded at fair value on the consolidated balance sheets on a recurring basis | GenOn Americas Generation The following tables present assets and liabilities (including affiliate amounts) measured and recorded at fair value on GenOn Americas Generation's consolidated balance sheet on a recurring basis and their level within the fair value hierarchy:
(a) There were no transfers between Levels 1 and 2 during the three and nine months ended September 30, 2016.
(a) There were no transfers between Levels 1 and 2 during the year ended December 31, 2015. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements at least annually using significant unobservable inputs | The following table reconciles, for the three and nine months ended September 30, 2016, and 2015, the beginning and ending balances for GenOn Americas Generation's derivatives that are recognized at fair value in the consolidated financial statements at least annually using significant unobservable inputs:
(a) Consists of derivative assets and liabilities, net. (b) Transfers out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | GenOn Americas Generation
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GenOn Mid-Atlantic | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured and recorded at fair value on the consolidated balance sheets on a recurring basis | GenOn Mid-Atlantic The following tables present assets and liabilities (including affiliate amounts) measured and recorded at fair value on GenOn Mid-Atlantic's consolidated balance sheet on a recurring basis and their level within the fair value hierarchy:
(a) There were no transfers between Levels 1 and 2 during the three and nine months ended September 30, 2016.
(a) There were no transfers between Levels 1 and 2 during the year ended December 31, 2015. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements at least annually using significant unobservable inputs | The following table reconciles, for the three and nine months ended September 30, 2016, and 2015, the beginning and ending balances for GenOn Mid-Atlantic's derivatives that are recognized at fair value in the consolidated financial statements at least annually using significant unobservable inputs:
(a) Consists of derivative assets and liabilities, net. (b) Transfers out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | GenOn Mid-Atlantic
|
Accounting for Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting for Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net notional volume buy/(sell) of open derivative transactions broken out by commodity | The following table summarizes the net notional volume buy/(sell) of the Registrants’ open derivative transactions broken out by commodity, excluding those derivatives that qualified for the NPNS exception, as of September 30, 2016 and December 31, 2015. Option contracts are reflected using delta volume. Delta volume equals the notional volume of an option adjusted for the probability that the option will be in-the-money at its expiration date.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value within the derivative instrument valuation on the balance sheets | The following tables summarize the fair value within the derivative instrument valuation on the balance sheet: GenOn
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting of derivatives by counterparty master agreement level and collateral received or paid | The following tables summarize the offsetting of derivatives by counterparty master agreement level and collateral received or paid: GenOn
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-tax effects of economic hedges that have not been designated as cash flow hedges and trading activity on the statements of operations | The following tables summarize the pre-tax effects of economic hedges. These amounts are included within operating revenues and cost of operations. GenOn
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GenOn Americas Generation, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting for Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value within the derivative instrument valuation on the balance sheets | GenOn Americas Generation
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting of derivatives by counterparty master agreement level and collateral received or paid | GenOn Americas Generation
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-tax effects of economic hedges that have not been designated as cash flow hedges and trading activity on the statements of operations | GenOn Americas Generation
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GenOn Mid-Atlantic | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting for Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value within the derivative instrument valuation on the balance sheets | GenOn Mid-Atlantic
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting of derivatives by counterparty master agreement level and collateral received or paid | GenOn Mid-Atlantic
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-tax effects of economic hedges that have not been designated as cash flow hedges and trading activity on the statements of operations | GenOn Mid-Atlantic
|
Debt and Capital Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Long Term Debt And Capital Leases [Table Text Block] | Long-term debt and capital leases consisted of the following:
(a) The Long Term Service Agreement for the Hunterstown facility is accounted for as a debt financing liability in accordance with GAAP. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt including current maturities includes the following premiums:
|
Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax (benefit)/provision | GenOn’s income tax expense consisted of the following:
|
Related Party Transactions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GenOn Americas Generation, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of material related-party transactions with affiliates | The following costs were incurred under these arrangements: GenOn Americas Generation
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GenOn Mid-Atlantic | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of material related-party transactions with affiliates | GenOn Mid-Atlantic
|
Basis of Presentation (Details) $ in Millions |
Sep. 30, 2016
USD ($)
MW
|
Dec. 31, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
---|---|---|---|---|
Basis of Presentation | ||||
Generation capacity (in MW) | MW | 15,826 | |||
Cash and Cash Equivalents, at Carrying Value | $ 1,218 | $ 665 | $ 1,093 | $ 920 |
GenOn Mid-Atlantic | ||||
Basis of Presentation | ||||
Generation capacity (in MW) | MW | 4,605 | |||
Cash and Cash Equivalents, at Carrying Value | $ 483 | 299 | 291 | 157 |
GenOn Americas Generation, LLC [Member] | ||||
Basis of Presentation | ||||
Generation capacity (in MW) | MW | 7,907 | |||
Cash and Cash Equivalents, at Carrying Value | $ 472 | $ 246 | $ 248 | $ 103 |
REMA [Member] | ||||
Basis of Presentation | ||||
Cash and Cash Equivalents, at Carrying Value | $ 110 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||
Basis of Presentation | ||||
Generation capacity (in MW) | MW | 1,927 | |||
Senior Notes [Member] | Senior Unsecured Notes 2017 [Member] | GenOn Energy [Member] | ||||
Basis of Presentation | ||||
Debt, Current | $ 703 |
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 637 | $ 614 |
Finite-Lived Intangible Assets, Accumulated Amortization | 79 | 40 |
GenOn Americas Generation, LLC [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 281 | 244 |
Finite-Lived Intangible Assets, Accumulated Amortization | 79 | 40 |
GenOn Mid-Atlantic | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 222 | 200 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 29 | $ 0 |
Fair Value of Financial Instruments (Details 1 - CV and FV of Debt) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Carrying Amount | ||
Fair Value of Financial Instruments | ||
Long-term debt, including current portion | $ 2,721 | $ 2,764 |
Fair Value | ||
Fair Value of Financial Instruments | ||
Long-term debt, including current portion | 2,068 | 2,043 |
GenOn Americas Generation, LLC [Member] | Carrying Amount | ||
Fair Value of Financial Instruments | ||
Long-term debt, including current portion | 747 | 752 |
GenOn Americas Generation, LLC [Member] | Fair Value | ||
Fair Value of Financial Instruments | ||
Long-term debt, including current portion | 576 | 500 |
Fair Value, Inputs, Level 2 [Member] | Fair Value | ||
Fair Value of Financial Instruments | ||
Long-term debt, including current portion | 2,016 | 1,987 |
Fair Value, Inputs, Level 3 [Member] | Fair Value | ||
Fair Value of Financial Instruments | ||
Long-term debt, including current portion | $ 52 | $ 56 |
Fair Value of Financial Instruments (Details 3 - Level 3 FV) $ / T in Millions, $ / MWh in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
$ / T
$ / MWh
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
$ / T
$ / MWh
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
$ / T
$ / MWh
|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
||||||||||||||
GenOn Americas Generation, LLC [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Fair Value, Assets And Liabilities, Level 2 to Level 1 Transfers, Amount | $ 0 | $ 0 | $ 0 | ||||||||||||||||||
GenOn Mid-Atlantic | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Fair Value, Assets And Liabilities, Level 2 to Level 1 Transfers, Amount | 0 | 0 | 0 | ||||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset and Liability, Transfers out of Level 3 | [1],[2] | 1 | $ 6 | 1 | $ 6 | ||||||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | [1] | (4) | 0 | (4) | 0 | (12) | $ (11) | $ 14 | $ 33 | ||||||||||||
Reconciliation of the beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements | |||||||||||||||||||||
Total gains/(losses) included in earnings — realized/unrealized | [1] | 7 | (18) | 6 | (44) | ||||||||||||||||
Purchases | [1] | (1) | (2) | 1 | 5 | ||||||||||||||||
Gains/(losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of September 30 | [1] | 5 | (14) | (3) | (20) | ||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | GenOn Americas Generation, LLC [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset and Liability, Transfers out of Level 3 | [3],[4] | 1 | 6 | 1 | 6 | ||||||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | [3] | 1 | 1 | 1 | 1 | 1 | 1 | 12 | 20 | ||||||||||||
Reconciliation of the beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements | |||||||||||||||||||||
Total gains/(losses) included in earnings — realized/unrealized | [3] | 0 | (16) | (1) | (26) | ||||||||||||||||
Purchases | [3] | (1) | (1) | 0 | 1 | ||||||||||||||||
Gains/(losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of September 30 | [3] | 0 | (13) | 0 | (11) | ||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | GenOn Mid-Atlantic | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset and Liability, Transfers out of Level 3 | [5],[6] | 0 | 6 | 0 | 6 | ||||||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | [6] | 1 | 1 | 1 | 1 | 2 | $ 1 | $ 13 | $ 20 | ||||||||||||
Reconciliation of the beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements | |||||||||||||||||||||
Total gains/(losses) included in earnings — realized/unrealized | [6] | 0 | (15) | (1) | (25) | ||||||||||||||||
Purchases | [6] | 0 | (3) | 0 | 0 | ||||||||||||||||
Gains/(losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of September 30 | [6] | 0 | $ (13) | 0 | $ (11) | ||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 7 | 7 | 14 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Americas Generation, LLC [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 9 | 9 | 14 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Mid-Atlantic | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Power Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Power Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Americas Generation, LLC [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Power Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Mid-Atlantic | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Coal Contract [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 5 | 5 | 12 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Coal Contract [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Americas Generation, LLC [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 5 | 5 | 12 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Financial Transmission Rights [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 2 | 2 | 2 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Financial Transmission Rights [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Americas Generation, LLC [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | $ 4 | $ 4 | $ 2 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Minimum [Member] | Power Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative, Forward Price | $ / MWh | 26 | 26 | 22 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Minimum [Member] | Power Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Americas Generation, LLC [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative, Forward Price | $ / MWh | 26 | 26 | 22 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Minimum [Member] | Power Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Mid-Atlantic | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative, Forward Price | $ / MWh | 26 | 26 | 22 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Minimum [Member] | Coal Contract [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative, Forward Price | $ / T | 44 | 44 | 28 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Minimum [Member] | Coal Contract [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Americas Generation, LLC [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative, Forward Price | $ / T | 44 | 44 | 28 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Minimum [Member] | Financial Transmission Rights [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative, Auction Price | $ / MWh | (3) | (3) | 0 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Minimum [Member] | Financial Transmission Rights [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Americas Generation, LLC [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative, Auction Price | $ / MWh | (3) | (3) | 0 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Maximum [Member] | Power Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative, Forward Price | $ / MWh | 69 | 69 | 67 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Maximum [Member] | Power Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Americas Generation, LLC [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative, Forward Price | $ / MWh | 69 | 69 | 67 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Maximum [Member] | Power Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Mid-Atlantic | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative, Forward Price | $ / MWh | 69 | 69 | 67 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Maximum [Member] | Coal Contract [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative, Forward Price | $ / T | 44 | 44 | 45 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Maximum [Member] | Coal Contract [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Americas Generation, LLC [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative, Forward Price | $ / T | 44 | 44 | 45 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Maximum [Member] | Financial Transmission Rights [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative, Auction Price | $ / MWh | (3) | (3) | (3) | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Maximum [Member] | Financial Transmission Rights [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Americas Generation, LLC [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative, Auction Price | $ / MWh | (3) | (3) | (3) | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Weighted Average [Member] | Power Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative, Forward Price | $ / MWh | 43 | 43 | 42 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Weighted Average [Member] | Power Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Americas Generation, LLC [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative, Forward Price | $ / MWh | 43 | 43 | 42 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Weighted Average [Member] | Power Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Mid-Atlantic | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative, Forward Price | $ / MWh | 43 | 43 | 42 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Weighted Average [Member] | Coal Contract [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative, Forward Price | $ / T | 44 | 44 | 35 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Weighted Average [Member] | Coal Contract [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Americas Generation, LLC [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative, Forward Price | $ / T | 44 | 44 | 35 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Weighted Average [Member] | Financial Transmission Rights [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative, Auction Price | $ / MWh | 0 | 0 | (1) | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Weighted Average [Member] | Financial Transmission Rights [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Americas Generation, LLC [Member] | |||||||||||||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||||||||||||
Derivative, Auction Price | $ / MWh | 0 | 0 | (1) | ||||||||||||||||||
|
Fair Value of Financial Instruments Fair Value of Financial Instruments (Details 4 - Derivative FV) $ / T in Millions, $ / MWh in Millions, $ in Millions |
Sep. 30, 2016
USD ($)
$ / T
$ / MWh
|
Dec. 31, 2015
USD ($)
$ / T
$ / MWh
|
---|---|---|
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 119 | $ 48 |
Derivative Asset, Fair Value Determined Using Valuation Techniques, Percentage | 1.00% | |
Derivative Liability, Fair Value Determined Using Valuation Techniques, Percentage | 3.00% | |
Derivative, Collateral, Obligation to Return Cash | $ 10 | 51 |
GenOn Americas Generation, LLC [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 117 | 39 |
Derivative Asset, Fair Value Determined Using Valuation Techniques, Percentage | 3.00% | |
Derivative Liability, Fair Value Determined Using Valuation Techniques, Percentage | 2.00% | |
Derivative, Collateral, Obligation to Return Cash | $ 10 | 51 |
GenOn Mid-Atlantic | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 0 | |
Derivative Asset, Fair Value Determined Using Valuation Techniques, Percentage | 1.00% | |
Derivative Liability, Fair Value Determined Using Valuation Techniques, Percentage | 0.00% | |
Derivative, Collateral, Obligation to Return Cash | $ 0 | |
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Commodity contracts | 208 | 729 |
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Commodity contracts | 3 | 2 |
Derivative Liability, Fair Value, Gross Liability | 7 | 14 |
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Commodity contracts | 381 | 1,096 |
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Commodity contracts | 10 | 15 |
Derivative Liability, Fair Value, Gross Liability | 9 | 14 |
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Commodity contracts | 72 | 352 |
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Commodity contracts | 1 | 2 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Commodity contracts | 1 | 1 |
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 0 |
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / MWh | 26 | 22 |
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / MWh | 69 | 67 |
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / MWh | 43 | 42 |
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Commodity contracts | $ 1 | $ 1 |
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 0 |
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / MWh | 26 | 22 |
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / MWh | 69 | 67 |
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / MWh | 43 | 42 |
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Commodity contracts | $ 1 | $ 2 |
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 0 |
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / MWh | 26 | 22 |
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / MWh | 69 | 67 |
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / MWh | 43 | 42 |
Coal Contract [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Commodity contracts | $ 0 | $ 0 |
Derivative Liability, Fair Value, Gross Liability | $ 5 | $ 12 |
Coal Contract [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / T | 44 | 28 |
Coal Contract [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / T | 44 | 45 |
Coal Contract [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / T | 44 | 35 |
Coal Contract [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Commodity contracts | $ 5 | $ 12 |
Derivative Liability, Fair Value, Gross Liability | $ 5 | $ 12 |
Coal Contract [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / T | 44 | 28 |
Coal Contract [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / T | 44 | 45 |
Coal Contract [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / T | 44 | 35 |
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Commodity contracts | $ 2 | $ 1 |
Derivative Liability, Fair Value, Gross Liability | $ 2 | $ 2 |
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Auction Price | $ / MWh | 3 | 0 |
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Auction Price | $ / MWh | 3 | 3 |
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Auction Price | $ / MWh | 0 | 1 |
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Commodity contracts | $ 4 | $ 2 |
Derivative Liability, Fair Value, Gross Liability | $ 4 | $ 2 |
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Auction Price | $ / MWh | 3 | 0 |
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Auction Price | $ / MWh | 3 | 3 |
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Auction Price | $ / MWh | 0 | 1 |
NRG [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 76 | |
NRG [Member] | GenOn Americas Generation, LLC [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 76 |
Fair Value of Financial Instruments (Details 5 - Credit Risk) - USD ($) $ in Millions |
9 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
||||||
Derivative fair value measurements | |||||||
Credit reserve balance | $ 0 | $ (1) | |||||
Concentration of credit risk | |||||||
Counterparty credit exposure | 189 | ||||||
Collateral held (cash and letters of credit) against counterparty credit exposure | 0 | ||||||
Counterparty credit exposure, net | $ 189 | ||||||
Counterparty credit exposure before collateral expected to roll off by the end of 2014 (as a percent) | 97.00% | ||||||
Net exposure (as a percent) | [1] | 100.00% | |||||
Fair Value Inputs, Counterparty Credit Risk | 10.00% | ||||||
Aggregate counterparty credit risk exposure for counterparties representing exposure above threshold percentage | $ 158 | ||||||
Investment grade | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1] | 0.00% | |||||
External Credit Rating, Non Investment Grade [Member] | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1] | 0.00% | |||||
External Credit Rating Not Rated [Member] | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1],[2] | 0.00% | |||||
Financial institutions | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1] | 0.00% | |||||
Utilities, energy merchants, marketers and other | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1] | 0.00% | |||||
ISOs | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1] | 0.00% | |||||
GenOn Americas Generation, LLC [Member] | |||||||
Derivative fair value measurements | |||||||
Credit reserve balance | $ 0 | 0 | |||||
Concentration of credit risk | |||||||
Counterparty credit exposure | 183 | ||||||
Collateral held (cash and letters of credit) against counterparty credit exposure | 0 | ||||||
Counterparty credit exposure, net | $ 183 | ||||||
Counterparty credit exposure before collateral expected to roll off by the end of 2014 (as a percent) | 97.00% | ||||||
Net exposure (as a percent) | [1] | 100.00% | |||||
Aggregate counterparty credit risk exposure for counterparties representing exposure above threshold percentage | $ 158 | ||||||
GenOn Americas Generation, LLC [Member] | Investment grade | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1] | 0.00% | |||||
GenOn Americas Generation, LLC [Member] | External Credit Rating, Non Investment Grade [Member] | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1] | 0.00% | |||||
GenOn Americas Generation, LLC [Member] | External Credit Rating Not Rated [Member] | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1],[2] | 0.00% | |||||
GenOn Americas Generation, LLC [Member] | Financial institutions | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1] | 0.00% | |||||
GenOn Americas Generation, LLC [Member] | Utilities, energy merchants, marketers and other | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1] | 0.00% | |||||
GenOn Americas Generation, LLC [Member] | ISOs | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1] | 0.00% | |||||
GenOn Mid-Atlantic | |||||||
Derivative fair value measurements | |||||||
Credit reserve balance | $ 0 | $ (4) | |||||
Concentration of credit risk | |||||||
Counterparty credit exposure | $ 0 | ||||||
Net exposure (as a percent) | [1] | 0.00% | |||||
Aggregate counterparty credit risk exposure for counterparties representing exposure above threshold percentage | $ 0 | ||||||
GenOn Mid-Atlantic | Investment grade | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1] | 0.00% | |||||
GenOn Mid-Atlantic | External Credit Rating, Non Investment Grade [Member] | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1] | 0.00% | |||||
GenOn Mid-Atlantic | External Credit Rating Not Rated [Member] | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1],[2] | 0.00% | |||||
GenOn Mid-Atlantic | Financial institutions | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1] | 0.00% | |||||
GenOn Mid-Atlantic | Utilities, energy merchants, marketers and other | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1] | 0.00% | |||||
GenOn Mid-Atlantic | ISOs | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1] | 0.00% | |||||
|
Accounting for Derivative Instruments and Hedging Activities Disclosure Accounting for Derivative Instruments and Hedging Activities (Details 1 - Underlying Derivative) T in Millions, MWh in Millions, MMBTU in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2016
MWh
MMBTU
T
|
Dec. 31, 2015
MWh
MMBTU
T
|
|
Long [Member] | Emissions [Member] | Short Ton [Member] | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount, Mass | 1 | 0 |
Long [Member] | Emissions [Member] | Short Ton [Member] | GenOn Americas Generation, LLC [Member] | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount, Mass | 1 | 0 |
Long [Member] | Emissions [Member] | Short Ton [Member] | GenOn Mid-Atlantic | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount, Mass | 1 | 0 |
Long [Member] | Coal | Short Ton [Member] | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount, Mass | 4 | 7 |
Long [Member] | Coal | Short Ton [Member] | GenOn Americas Generation, LLC [Member] | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount, Mass | 2 | 3 |
Long [Member] | Coal | Short Ton [Member] | GenOn Mid-Atlantic | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount, Mass | 2 | 3 |
Long [Member] | Natural Gas [Member] | MMbtu [Member] | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | (145) | (191) |
Long [Member] | Natural Gas [Member] | MMbtu [Member] | GenOn Americas Generation, LLC [Member] | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | (20) | (2) |
Long [Member] | Natural Gas [Member] | MMbtu [Member] | GenOn Mid-Atlantic | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | (13) | |
Short [Member] | Natural Gas [Member] | MMbtu [Member] | GenOn Mid-Atlantic | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | (10) | |
Short [Member] | Power [Member] | MWh [Member] | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | MWh | (35) | (49) |
Short [Member] | Power [Member] | MWh [Member] | GenOn Americas Generation, LLC [Member] | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | MWh | (12) | (20) |
Short [Member] | Power [Member] | MWh [Member] | GenOn Mid-Atlantic | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | MWh | (10) | (18) |
Accounting for Derivative Instruments and Hedging Activities Disclosure Accounting for Derivative Instruments and Hedging Activities (Details 2 - FV of Derivatives) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Dec. 31, 2015 |
|
Not Designated as Hedging Instrument [Member] | |||
Derivative | |||
Commodity contracts | $ 208 | $ 729 | |
Derivative Liability, Fair Value, Gross Liability | 245 | 591 | |
GenOn Americas Generation, LLC [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative | |||
Commodity contracts | 381 | 1,096 | |
Derivative Liability, Fair Value, Gross Liability | 386 | 919 | |
GenOn Mid-Atlantic | Not Designated as Hedging Instrument [Member] | |||
Derivative | |||
Commodity contracts | 72 | 352 | |
Derivative Liability, Fair Value, Gross Liability | 75 | 195 | |
Commodity Contract Current [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative | |||
Commodity contracts | 164 | 574 | |
Derivative Liability, Fair Value, Gross Liability | 205 | 475 | |
Commodity Contract Current [Member] | GenOn Americas Generation, LLC [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative | |||
Commodity contracts | 299 | 861 | |
Derivative Liability, Fair Value, Gross Liability | 303 | 737 | |
Commodity Contract Current [Member] | GenOn Mid-Atlantic | Not Designated as Hedging Instrument [Member] | |||
Derivative | |||
Commodity contracts | 64 | 269 | |
Derivative Liability, Fair Value, Gross Liability | 66 | 163 | |
Commodity Contract Non Current [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative | |||
Commodity contracts | 44 | 155 | |
Derivative Liability, Fair Value, Gross Liability | 40 | 116 | |
Commodity Contract Non Current [Member] | GenOn Americas Generation, LLC [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative | |||
Commodity contracts | 82 | 235 | |
Derivative Liability, Fair Value, Gross Liability | 83 | 182 | |
Commodity Contract Non Current [Member] | GenOn Mid-Atlantic | Not Designated as Hedging Instrument [Member] | |||
Derivative | |||
Commodity contracts | 8 | 83 | |
Derivative Liability, Fair Value, Gross Liability | 9 | $ 32 | |
Realized Gain [Member] | |||
Derivative | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 98 | $ 38 | |
Realized Gain [Member] | GenOn Americas Generation, LLC [Member] | |||
Derivative | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 50 | 35 | |
Realized Gain [Member] | GenOn Mid-Atlantic | |||
Derivative | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 50 | 35 | |
2016 [Member] | Realized Gain [Member] | |||
Derivative | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 18 | ||
2016 [Member] | Realized Gain [Member] | GenOn Americas Generation, LLC [Member] | |||
Derivative | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 16 | ||
2016 [Member] | Realized Gain [Member] | GenOn Mid-Atlantic | |||
Derivative | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 16 | ||
2017 [Member] | Realized Gain [Member] | |||
Derivative | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 82 | 19 | |
2017 [Member] | Realized Gain [Member] | GenOn Americas Generation, LLC [Member] | |||
Derivative | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 46 | 19 | |
2017 [Member] | Realized Gain [Member] | GenOn Mid-Atlantic | |||
Derivative | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 46 | 19 | |
2018 [Member] | Realized Gain [Member] | |||
Derivative | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 13 | $ 1 | |
2018 [Member] | Realized Gain [Member] | GenOn Americas Generation, LLC [Member] | |||
Derivative | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 4 | ||
2018 [Member] | Realized Gain [Member] | GenOn Mid-Atlantic | |||
Derivative | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 4 | ||
2019 [Member] | Realized Gain [Member] | |||
Derivative | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain | $ 3 |
Accounting for Derivative Instruments and Hedging Activities (Details 3 - Offsetting Derivatives) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value of Derivative Instruments/Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Cash Collateral (Held) | $ (10) | $ (51) |
Derivative, Collateral, Right to Reclaim Cash | 119 | 48 |
Gross Amounts of Recognized Assets / Liabilities | (37) | 138 |
Derivative Instruments | 0 | 0 |
Cash Collateral (Held) / Posted | 23 | (51) |
Net Amount | (14) | 87 |
GenOn Americas Generation, LLC [Member] | ||
Fair Value of Derivative Instruments/Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Cash Collateral (Held) | (10) | (51) |
Derivative, Collateral, Right to Reclaim Cash | 117 | 39 |
Gross Amounts of Recognized Assets / Liabilities | (5) | 177 |
Derivative Instruments | 0 | 0 |
Cash Collateral (Held) / Posted | 23 | (51) |
Net Amount | 18 | 126 |
GenOn Mid-Atlantic | ||
Fair Value of Derivative Instruments/Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Cash Collateral (Held) | 0 | |
Derivative, Collateral, Right to Reclaim Cash | 0 | |
GenOn Mid-Atlantic | Commodity Contract [Member] | ||
Fair Value of Derivative Instruments/Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Gross Amounts of Recognized Assets / Liabilities | (3) | 157 |
Derivative Instruments | 0 | 0 |
Cash Collateral (Held) / Posted | 0 | 0 |
Net Amount | (3) | 157 |
Non-affiliate | Commodity Contract [Member] | ||
Fair Value of Derivative Instruments/Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Gross Amount of Recognized Derivative Assets | 202 | 698 |
Gross Amounts of Recognized Derivative Liabilities | (215) | (567) |
Derivative Instruments | (159) | (485) |
Derivative Instruments | 159 | 485 |
Cash Collateral (Held) | (20) | (51) |
Derivative, Collateral, Right to Reclaim Cash | 19 | 0 |
Net Amount | 23 | 162 |
Net Amount | (37) | (82) |
Non-affiliate | GenOn Americas Generation, LLC [Member] | Commodity Contract [Member] | ||
Fair Value of Derivative Instruments/Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Gross Amount of Recognized Derivative Assets | 201 | 699 |
Gross Amounts of Recognized Derivative Liabilities | (215) | (567) |
Derivative Instruments | (159) | (485) |
Derivative Instruments | 159 | 485 |
Cash Collateral (Held) | (20) | (51) |
Derivative, Collateral, Right to Reclaim Cash | 19 | 0 |
Net Amount | 22 | 163 |
Net Amount | (37) | (82) |
Affiliated Entity [Member] | Commodity Contract [Member] | ||
Fair Value of Derivative Instruments/Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Gross Amount of Recognized Derivative Assets | 6 | 31 |
Gross Amounts of Recognized Derivative Liabilities | (30) | (24) |
Derivative Instruments | (6) | (24) |
Derivative Instruments | 6 | 24 |
Cash Collateral (Held) | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 24 | 0 |
Net Amount | 0 | 7 |
Net Amount | 0 | 0 |
Affiliated Entity [Member] | GenOn Americas Generation, LLC [Member] | Commodity Contract [Member] | ||
Fair Value of Derivative Instruments/Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Gross Amount of Recognized Derivative Assets | 180 | 397 |
Gross Amounts of Recognized Derivative Liabilities | (171) | (352) |
Derivative Instruments | (147) | (352) |
Derivative Instruments | 147 | 352 |
Cash Collateral (Held) | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 24 | 0 |
Net Amount | 33 | 45 |
Net Amount | 0 | 0 |
Affiliated Entity [Member] | GenOn Mid-Atlantic | Commodity Contract [Member] | ||
Fair Value of Derivative Instruments/Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Gross Amount of Recognized Derivative Assets | 72 | 352 |
Gross Amounts of Recognized Derivative Liabilities | (75) | (195) |
Derivative Instruments | (72) | (195) |
Derivative Instruments | 72 | 195 |
Cash Collateral (Held) | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Net Amount | 0 | 157 |
Net Amount | $ (3) | $ 0 |
Accounting for Derivative Instruments and Hedging Activities (Details 4 - Mark to market) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Unrealized mark-to-market results | |||||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | $ (29) | $ (19) | $ (145) | $ (146) | |
Net unrealized losses on open positions related to economic hedges | (68) | (6) | (43) | (12) | |
Total impact to statement of operations | (97) | (25) | (188) | (158) | |
Impact of derivative instruments to statement of operations | |||||
Total impact to statement of operations | (97) | (25) | (188) | (158) | |
Credit Risk Related Contingent Features | |||||
Collateral required for contracts with adequate assurance clauses in net liability positions | 13 | 13 | |||
Collateral required for contracts with credit rating contingent features in net liability position | 0 | 0 | |||
Collateral due on net liability position that has not been called by a certain marginable agreement counterparty | 2 | 2 | |||
Realized Gain [Member] | |||||
Impact of derivative instruments to statement of operations | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 98 | $ 38 | |||
Gains (losses) included in operating revenues | |||||
Unrealized mark-to-market results | |||||
Total impact to statement of operations | (142) | (17) | (233) | (91) | |
Impact of derivative instruments to statement of operations | |||||
Total impact to statement of operations | (142) | (17) | (233) | (91) | |
Gains (losses) included in cost of operations | |||||
Unrealized mark-to-market results | |||||
Total impact to statement of operations | 45 | (8) | 45 | (67) | |
Impact of derivative instruments to statement of operations | |||||
Total impact to statement of operations | 45 | (8) | 45 | (67) | |
GenOn Americas Generation, LLC [Member] | |||||
Unrealized mark-to-market results | |||||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | (46) | (23) | (165) | (153) | |
Net unrealized losses on open positions related to economic hedges | 6 | 10 | (23) | 21 | |
Total impact to statement of operations | (40) | (13) | (188) | (132) | |
Impact of derivative instruments to statement of operations | |||||
Total impact to statement of operations | (40) | (13) | (188) | (132) | |
Credit Risk Related Contingent Features | |||||
Collateral required for contracts with adequate assurance clauses in net liability positions | 13 | 13 | |||
Collateral required for contracts with credit rating contingent features in net liability position | 0 | 0 | |||
Collateral due on net liability position that has not been called by a certain marginable agreement counterparty | 2 | 2 | |||
GenOn Americas Generation, LLC [Member] | Realized Gain [Member] | |||||
Impact of derivative instruments to statement of operations | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 50 | 35 | |||
GenOn Americas Generation, LLC [Member] | Gains (losses) included in operating revenues | |||||
Unrealized mark-to-market results | |||||
Total impact to statement of operations | (75) | (4) | (228) | (84) | |
Impact of derivative instruments to statement of operations | |||||
Total impact to statement of operations | (75) | (4) | (228) | (84) | |
GenOn Americas Generation, LLC [Member] | Gains (losses) included in cost of operations | |||||
Unrealized mark-to-market results | |||||
Total impact to statement of operations | 35 | (9) | 40 | (48) | |
Impact of derivative instruments to statement of operations | |||||
Total impact to statement of operations | 35 | (9) | 40 | (48) | |
GenOn Mid-Atlantic | |||||
Unrealized mark-to-market results | |||||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | (47) | (20) | (146) | (79) | |
Net unrealized losses on open positions related to economic hedges | 4 | 17 | (18) | 8 | |
Total impact to statement of operations | (43) | (3) | (164) | (71) | |
Impact of derivative instruments to statement of operations | |||||
Total impact to statement of operations | (43) | (3) | (164) | (71) | |
GenOn Mid-Atlantic | Realized Gain [Member] | |||||
Impact of derivative instruments to statement of operations | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 50 | 35 | |||
GenOn Mid-Atlantic | Gains (losses) included in operating revenues | |||||
Unrealized mark-to-market results | |||||
Total impact to statement of operations | (83) | (1) | (203) | (29) | |
Impact of derivative instruments to statement of operations | |||||
Total impact to statement of operations | (83) | (1) | (203) | (29) | |
GenOn Mid-Atlantic | Gains (losses) included in cost of operations | |||||
Unrealized mark-to-market results | |||||
Total impact to statement of operations | 40 | (2) | 39 | (42) | |
Impact of derivative instruments to statement of operations | |||||
Total impact to statement of operations | 40 | $ (2) | $ 39 | $ (42) | |
2016 [Member] | Realized Gain [Member] | |||||
Impact of derivative instruments to statement of operations | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 18 | ||||
2016 [Member] | GenOn Americas Generation, LLC [Member] | Realized Gain [Member] | |||||
Impact of derivative instruments to statement of operations | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 16 | ||||
2016 [Member] | GenOn Mid-Atlantic | Realized Gain [Member] | |||||
Impact of derivative instruments to statement of operations | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 16 | ||||
2017 [Member] | Realized Gain [Member] | |||||
Impact of derivative instruments to statement of operations | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 82 | 19 | |||
2017 [Member] | GenOn Americas Generation, LLC [Member] | Realized Gain [Member] | |||||
Impact of derivative instruments to statement of operations | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 46 | 19 | |||
2017 [Member] | GenOn Mid-Atlantic | Realized Gain [Member] | |||||
Impact of derivative instruments to statement of operations | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 46 | 19 | |||
2018 [Member] | Realized Gain [Member] | |||||
Impact of derivative instruments to statement of operations | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 13 | $ 1 | |||
2018 [Member] | GenOn Americas Generation, LLC [Member] | Realized Gain [Member] | |||||
Impact of derivative instruments to statement of operations | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 4 | ||||
2018 [Member] | GenOn Mid-Atlantic | Realized Gain [Member] | |||||
Impact of derivative instruments to statement of operations | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 4 | ||||
2019 [Member] | Realized Gain [Member] | |||||
Impact of derivative instruments to statement of operations | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | $ 3 |
Impairments (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment losses | $ 0 | $ 0 | $ 59 | $ 0 |
Mandalay operating unit [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment losses | 16 | |||
Ormond Beach operating unit [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment losses | $ 43 |
Debt and Capital Leases (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | $ 2,723 | $ 2,766 | ||
Current portion of long-term debt and capital leases | 707 | 4 | ||
Long-term debt and capital leases | 2,016 | 2,762 | ||
Debt Instrument, Unamortized Discount (Premium), Net | 144 | 183 | ||
GenOn Americas Generation, LLC [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | 747 | 752 | ||
Long-term debt and capital leases | 747 | 752 | ||
GenOn Americas Generation, LLC [Member] | Senior Notes [Member] | Senior Unsecured Notes 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | $ 394 | 398 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |||
Debt Instrument, Unamortized Discount (Premium), Net | $ (28) | (32) | ||
GenOn Americas Generation, LLC [Member] | Senior Notes [Member] | Senior Unsecured Notes 2031 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | $ 353 | 354 | ||
Debt Instrument, Interest Rate, Stated Percentage | 9.125% | |||
Debt Instrument, Unamortized Discount (Premium), Net | $ (24) | (25) | ||
GenOn Energy [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | 1,976 | 2,014 | ||
GenOn Energy [Member] | Capital Lease Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | 2 | 2 | ||
GenOn Energy [Member] | Other Debt Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | [1] | $ 52 | 56 | |
GenOn Energy [Member] | Senior Notes [Member] | Senior Unsecured Notes 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | 714 | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | |||
Debt, Current | $ 703 | |||
Debt Instrument, Unamortized Discount (Premium), Net | (12) | (23) | ||
GenOn Energy [Member] | Senior Notes [Member] | Senior Unsecured Notes 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | $ 693 | 708 | ||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | |||
Debt Instrument, Unamortized Discount (Premium), Net | $ (43) | (59) | ||
GenOn Energy [Member] | Senior Notes [Member] | Senior Unsecured Notes 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | $ 526 | 534 | ||
Debt Instrument, Interest Rate, Stated Percentage | 9.875% | |||
Debt Instrument, Unamortized Discount (Premium), Net | $ (37) | $ (44) | ||
|
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Income tax provision | |||||
Income before income taxes | $ 284 | $ 59 | $ 268 | $ 29 | |
Income tax expense | $ 21 | $ 1 | $ 20 | $ 0 | |
Effective tax rate | 7.40% | 1.70% | 7.50% | 0.00% | |
Statutory tax rate (as a percent) | 35.00% | 35.00% | 35.00% | 35.00% | |
GenOn Americas Generation, LLC [Member] | |||||
Income tax provision | |||||
Income before income taxes | $ 132 | $ 56 | $ 149 | $ 43 | |
Income tax expense | 0 | 0 | 0 | 0 | |
GenOn Mid-Atlantic | |||||
Income tax provision | |||||
Income before income taxes | 51 | 47 | 57 | 74 | |
Income tax expense | 0 | 0 | 0 | 0 | |
Deferred Tax Assets, Valuation Allowance | 0 | 0 | $ 0 | ||
Pro Forma | GenOn Americas Generation, LLC [Member] | |||||
Income tax provision | |||||
Income tax expense | 0 | 0 | 0 | 0 | |
Pro Forma | GenOn Mid-Atlantic | |||||
Income tax provision | |||||
Income tax expense | 23 | $ 17 | 25 | $ 27 | |
Deferred income taxes | $ 31 | $ 31 | $ 56 |
Related Party Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2016 |
|
GenOn Americas Generation, LLC [Member] | GenOn | |||||
Related Party Transaction | |||||
Affiliate cost recorded in cost of operations | $ 21 | $ 20 | $ 64 | $ 63 | |
GenOn Mid-Atlantic | GenOn | |||||
Related Party Transaction | |||||
Affiliate cost recorded in cost of operations | 16 | 15 | 47 | 45 | |
Allocated cost of operations [Member] | GenOn Americas Generation, LLC [Member] | GenOn | |||||
Related Party Transaction | |||||
Affiliate cost recorded in cost of operations | 0 | 0 | 2 | 2 | |
Allocated cost of operations [Member] | GenOn Mid-Atlantic | GenOn | |||||
Related Party Transaction | |||||
Affiliate cost recorded in cost of operations | 1 | 0 | 2 | 1 | |
Direct cost of operations | GenOn | |||||
Related Party Transaction | |||||
Affiliate cost recorded in cost of operations | 46 | 42 | 139 | 139 | |
Allocated Selling, General and Administrative [Member] | GenOn Americas Generation, LLC [Member] | GenOn | |||||
Related Party Transaction | |||||
Selling, General and Administrative Expense | 21 | 20 | 62 | 61 | |
Allocated Selling, General and Administrative [Member] | GenOn Mid-Atlantic | GenOn | |||||
Related Party Transaction | |||||
Selling, General and Administrative Expense | $ 15 | $ 15 | $ 45 | $ 44 | |
Scenario, Forecast [Member] | NRG Energy | |||||
Related Party Transaction | |||||
Service Management Costs | $ 193 |
Related Party Transactions Related Party Transactions (Details 2) - USD ($) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
Dec. 14, 2012 |
|
Related Party Transaction | ||||
Counterparty credit exposure, net | $ 189 | |||
NRG Energy | ||||
Related Party Transaction | ||||
Counterparty credit exposure, net | 0 | |||
GenOn Americas Generation, LLC [Member] | ||||
Related Party Transaction | ||||
Counterparty credit exposure, net | 183 | |||
GenOn Americas Generation, LLC [Member] | GenOn Energy Holdings [Member] | ||||
Related Party Transaction | ||||
Notes Receivable, Related Parties, Current | 331 | $ 331 | ||
Due from Affiliate, Current | 17 | 41 | ||
Interest Income, Related Party | 0 | $ 0 | ||
Intercompany Credit Agreement [Member] | ||||
Related Party Transaction | ||||
Long-term Line of Credit | 0 | 0 | ||
Intercompany Credit Agreement [Member] | NRG Energy | ||||
Related Party Transaction | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | |||
Letter of Credit [Member] | Intercompany Credit Agreement [Member] | NRG Energy | ||||
Related Party Transaction | ||||
Letters of Credit Outstanding, Amount | $ 207 | 278 | ||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||
Debt Instrument, Basis Spread on Libor Rate | 3.50% | |||
Letter of Credit [Member] | Intercompany Credit Agreement [Member] | GenOn Americas Generation, LLC [Member] | NRG Energy | ||||
Related Party Transaction | ||||
Letters of Credit Outstanding, Amount | $ 149 | 227 | ||
Letter of Credit [Member] | Intercompany Credit Agreement [Member] | GenOn Mid-Atlantic | NRG Energy | ||||
Related Party Transaction | ||||
Letters of Credit Outstanding, Amount | $ 76 | $ 131 |
Commitments and Contingencies (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Dec. 14, 2012 |
Dec. 02, 2010 |
|
MD Department of Environment v. Chalk Point [Member] | |||
Maryland Department of the Environment v. GenOn Chalk Point and GenOn Mid-Atlantic | |||
Environmental Projects | $ 1 | ||
Civil Penalties | $ 1 | ||
Chapter Eleven Proceedings | Bankruptcy | |||
Chapter Eleven Proceedings | |||
GenOn Energy Holdings common stock shares reserved for unresolved claims | 461,000 | ||
Number of reserved shares for disputed Chapter 11 claims converted into reserved of GenOn common stock | 1,300,000 | ||
Number of reserved shares for disputed Chapter 11 claims converted into reserved of NRG common stock | 159,000 |
Environmental Matters (Details) $ in Millions |
Sep. 30, 2016
USD ($)
|
---|---|
Environmental Matters Disclosure | |
Estimated environmental capital expenditures from 2013 through 2017 | $ 76 |
GenOn Americas Generation, LLC [Member] | |
Environmental Matters Disclosure | |
Estimated environmental capital expenditures from 2013 through 2017 | 22 |
GenOn Mid-Atlantic | |
Environmental Matters Disclosure | |
Estimated environmental capital expenditures from 2013 through 2017 | $ 18 |
)^;=YE=7X*8?=
MA7]+9FP9FA^6?ZPH]__X+#LO<6W[JZ"?S([!^F!C*N?::C/L&]63"ZM?SJV^
M =6O6'$(2*F(3"H!W)5%2I4+QZ2XZCR?T\
M".?+," X6M[/IL$XPLDRPJ^[<-Z"TV_!&33AW(QGX_DD)"TXWUJ<[Z)(E@H^(N'^=D],4P6;1/^; NGCDI[9LC_$(++T
ME-W'*3X9G2O(SD%""XF"-57*?H7"T.\F A_AHBOXG8WT0
6--RZ#;=0\.G9I$55+6QR/< %#;AN RYH=C7"%!2Q/#9X
M@ L:<-T&7-#H2L7,J^8H:@P)'MZ"3M^ZG;Z%'^=O("%Q1 ^244.RVY",FG\Q
M9O/E/0=5"IG5?QXHHP9EMT$9-013):B,B$J6LD0/EE'7LYV-QRUH->(ZJ6A_
MC#@BP3@\Q$6-.)ELQD5-KQCLI4]%&(R'N)@AL5C)#E"5ER6O13)$E/]&@9
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MJ@V5#)F5W8T 324MFNSA+4.A2IK?4(.2' %$PMIPV0-;C)DL6 TJ
M-LY@PG3!QNE*"(.H$
EH!QYN<+7+_4'4Q'NS-&S%[@.B*D_5:EN4[!2$OF .
M"9,GS()@7GTID?^_Q"&_H*_SZ_SU-Q;7D;^>+6ZN"Q3?"!11H)@%ME=[_(JY
M_:<(NSA4!::+;\>2&D?MTNDMV>5YWN?Q4C[A53GP#IZXZ82VY(C.7VV\G!;1
M@3>1W6PHZ?T'6@()K0O+6[\VZ4VEP.%P_B'+-ZW^ E!+ P04 " !2;61)
M=D'>]Z,! "R P &0 'AL+W=OH#
MHBQ.Y6J[*=@I"+W#'!*&)\R"8%Y]"<$_#W'@%_2<7^?G7Z281WZ>PN>;ZP+K
M+P3646 ]U[B]6N-[S/0=A%4S68-KX=2RH<>Y>ZMWB7YWG'XU#>X&4QB!9^
M"]/*WI(C.C_:.)P&T8%/(KNYI:3S'V@Q%#0N'#?^;-*;2H;#X?Q#EF]:_@=0
M2P,$% @ 4FUD2;6WU#2B 0 L@, !D !X;"]W;W)K