x | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |
For the Quarterly Period Ended: March 31, 2017 | ||
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 | Emerging growth company | |
GenOn Energy, Inc. | o | o | x | o | o |
GenOn Americas Generation, LLC | o | o | x | o | o |
GenOn Mid-Atlantic, LLC | o | o | x | o | 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 and certain of its subsidiaries' 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; |
• | Changes in law, including judicial decisions; |
• | 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. |
2016 Form 10-K | The Registrants' Annual Report on Form 10-K for the year ended December 31, 2016 | |
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 | |
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 | |
ELG | Effluent Limitations Guidelines | |
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, $649 million of 9.5% senior notes due 2018, and $490 million of 9.875% senior notes due 2020 | |
GHG | Greenhouse Gases | |
HAPs | Hazardous Air Pollutants | |
ICE | Intercontinental Exchange | |
ISO | Independent System Operator, also referred to as RTO |
ISO-NE | ISO New England Inc. | |
LIBOR | London Interbank Offered Rate | |
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 | |
NYMEX | New York Mercantile Exchange | |
OCI | Other Comprehensive Income/(Loss) | |
PER | Peak Energy Rent | |
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 March 31, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Operating Revenues | |||||||
Operating revenues | $ | 329 | $ | 574 | |||
Operating revenues — affiliate | 52 | 5 | |||||
Total operating revenues | 381 | 579 | |||||
Operating Costs and Expenses | |||||||
Cost of operations | 200 | 327 | |||||
Cost of operations — affiliate | 71 | 45 | |||||
Depreciation and amortization | 43 | 47 | |||||
General and administrative | 13 | 2 | |||||
General and administrative — affiliate | 46 | 46 | |||||
Total operating costs and expenses | 373 | 467 | |||||
Gain on sale of assets | — | 32 | |||||
Operating Income | 8 | 144 | |||||
Other Income/(Expense) | |||||||
Other income, net | 3 | 1 | |||||
Interest expense | (44 | ) | (42 | ) | |||
Interest expense — affiliate | (3 | ) | (3 | ) | |||
Total other expense | (44 | ) | (44 | ) | |||
(Loss)/Income Before Income Taxes | (36 | ) | 100 | ||||
Income tax expense/(benefit) | 1 | (1 | ) | ||||
Net (Loss)/Income | $ | (37 | ) | $ | 101 |
Three months ended March 31, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Net (Loss)/Income | $ | (37 | ) | $ | 101 | ||
Other Comprehensive Income, net of tax of $0: | |||||||
Defined benefit plans | 1 | — | |||||
Other comprehensive income | 1 | — | |||||
Comprehensive (Loss)/Income | $ | (36 | ) | $ | 101 |
March 31, 2017 | December 31, 2016 | ||||||
(unaudited) | |||||||
(In millions) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 885 | $ | 1,034 | |||
Accounts receivable — trade | 80 | 109 | |||||
Inventory | 413 | 389 | |||||
Derivative instruments | 37 | 54 | |||||
Derivative instruments — affiliate | 22 | 54 | |||||
Cash collateral paid in support of energy risk management activities | 45 | 53 | |||||
Cash collateral paid in support of energy risk management activities - affiliate | 34 | 79 | |||||
Prepaid rent and other current assets | 128 | 128 | |||||
Total current assets | 1,644 | 1,900 | |||||
Property, plant and equipment, net | 2,524 | 2,543 | |||||
Other Assets | |||||||
Intangible assets, net | 39 | 62 | |||||
Derivative instruments | 29 | 16 | |||||
Derivative instruments — affiliate | 2 | — | |||||
Long-term deposits | 255 | — | |||||
Other non-current assets | 323 | 339 | |||||
Total other assets | 648 | 417 | |||||
Total Assets | $ | 4,816 | $ | 4,860 | |||
LIABILITIES AND STOCKHOLDER'S EQUITY | |||||||
Current Liabilities | |||||||
Current portion of long-term debt and capital leases | $ | 700 | $ | 704 | |||
Accounts payable | 85 | 113 | |||||
Accounts payable — affiliate | 43 | 78 | |||||
Derivative instruments | 39 | 46 | |||||
Derivative instruments — affiliate | 18 | 59 | |||||
Accrued expenses and other current liabilities | 203 | 191 | |||||
Total current liabilities | 1,088 | 1,191 | |||||
Other Liabilities | |||||||
Long-term debt and capital leases | 2,039 | 2,050 | |||||
Long-term debt — affiliate | 125 | — | |||||
Derivative instruments | 10 | 10 | |||||
Derivative instruments — affiliate | 8 | 7 | |||||
Out-of-market contracts | 792 | 811 | |||||
Other non-current liabilities | 450 | 451 | |||||
Total non-current liabilities | 3,424 | 3,329 | |||||
Total Liabilities | 4,512 | 4,520 | |||||
Commitments and Contingencies | |||||||
Stockholder's Equity | |||||||
Common stock: $0.001 par value, 1 share authorized and issued at March 31, 2017 and December 31, 2016 | — | — | |||||
Additional paid-in capital | 325 | 325 | |||||
Retained earnings | 7 | 44 | |||||
Accumulated other comprehensive loss | (28 | ) | (29 | ) | |||
Total Stockholder's Equity | 304 | 340 | |||||
Total Liabilities and Stockholder's Equity | $ | 4,816 | $ | 4,860 |
Three months ended March 31, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Cash Flows from Operating Activities | |||||||
Net (Loss)/Income | $ | (37 | ) | $ | 101 | ||
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 43 | 47 | |||||
Amortization of debt premiums | (14 | ) | (13 | ) | |||
Amortization of out-of-market contracts and emission allowances | (20 | ) | (18 | ) | |||
Gain on sale of asset | — | (32 | ) | ||||
Changes in derivative instruments | (13 | ) | 18 | ||||
Changes in collateral deposits supporting energy risk management activities | 53 | (27 | ) | ||||
Proceeds from sale of emission allowances | — | 36 | |||||
Changes in other working capital | 3 | 95 | |||||
Net Cash Provided by Operating Activities | 15 | 207 | |||||
Cash Flows from Investing Activities | |||||||
Capital expenditures | (32 | ) | (73 | ) | |||
Proceeds from sale of assets, net | — | 120 | |||||
Net Cash (Used)/Provided by Investing Activities | (32 | ) | 47 | ||||
Cash Flows from Financing Activities | |||||||
Increase in long-term deposits | (125 | ) | — | ||||
Payment for credit support in long-term deposits | (130 | ) | — | ||||
Payments for deferred financing costs | (1 | ) | — | ||||
Proceeds from draw on secured intercompany revolving credit facility for long-term deposits | 125 | — | |||||
Payments for current and long-term debt | (1 | ) | (1 | ) | |||
Net Cash Used by Financing Activities | (132 | ) | (1 | ) | |||
Net (Decrease)/Increase in Cash and Cash Equivalents | (149 | ) | 253 | ||||
Cash and Cash Equivalents at Beginning of Period | 1,034 | 665 | |||||
Cash and Cash Equivalents at End of Period | $ | 885 | $ | 918 |
Three months ended March 31, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Operating Revenues | |||||||
Operating revenues | $ | 294 | $ | 504 | |||
Operating revenues — affiliate | 35 | (16 | ) | ||||
Total operating revenues | 329 | 488 | |||||
Operating Costs and Expenses | |||||||
Cost of operations | 116 | 183 | |||||
Cost of operations — affiliate | 172 | 195 | |||||
Depreciation and amortization | 18 | 19 | |||||
General and administrative — affiliate | 25 | 21 | |||||
Total operating costs and expenses | 331 | 418 | |||||
Gain on sale of assets | — | 3 | |||||
Operating (Loss)/Income | (2 | ) | 73 | ||||
Other Income/(Expense) | |||||||
Other income, net | 1 | — | |||||
Interest expense | (13 | ) | (13 | ) | |||
Interest expense — affiliate | (1 | ) | (2 | ) | |||
Total other expense | (13 | ) | (15 | ) | |||
(Loss)/Income Before Income Taxes | (15 | ) | 58 | ||||
Income tax | — | — | |||||
Net (Loss)/Income | $ | (15 | ) | $ | 58 |
March 31, 2017 | December 31, 2016 | ||||||
(unaudited) | |||||||
(In millions) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 305 | $ | 471 | |||
Accounts receivable — trade | 64 | 85 | |||||
Note receivable — affiliate | 315 | 315 | |||||
Inventory | 264 | 245 | |||||
Derivative instruments | 37 | 54 | |||||
Derivative instruments — affiliate | 60 | 126 | |||||
Cash collateral paid in support of energy risk management activities | 43 | 51 | |||||
Cash collateral paid in support of energy risk management activities - affiliates | 34 | 79 | |||||
Prepaid rent and other current assets | 78 | 77 | |||||
Total current assets | 1,200 | 1,503 | |||||
Property, plant and equipment, net | 1,082 | 1,088 | |||||
Other Assets | |||||||
Intangible assets, net | 39 | 62 | |||||
Derivative instruments | 29 | 16 | |||||
Derivative instruments — affiliate | 22 | 18 | |||||
Long-term deposits | 255 | — | |||||
Other non-current assets | 200 | 215 | |||||
Total other assets | 545 | 311 | |||||
Total Assets | $ | 2,827 | $ | 2,902 | |||
LIABILITIES AND MEMBER'S EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 46 | $ | 61 | |||
Accounts payable — affiliate | 23 | 116 | |||||
Derivative instruments | 39 | 46 | |||||
Derivative instruments — affiliate | 69 | 139 | |||||
Accrued expenses and other current liabilities | 86 | 94 | |||||
Total current liabilities | 263 | 456 | |||||
Other Liabilities | |||||||
Long-term debt | 743 | 745 | |||||
Derivative instruments | 10 | 10 | |||||
Derivative instruments — affiliate | 39 | 22 | |||||
Out-of-market contracts | 485 | 492 | |||||
Non-current due to affiliate | 125 | — | |||||
Other non-current liabilities | 124 | 124 | |||||
Total non-current liabilities | 1,526 | 1,393 | |||||
Total Liabilities | 1,789 | 1,849 | |||||
Commitments and Contingencies | |||||||
Member’s Equity | |||||||
Member’s interest | 1,038 | 1,053 | |||||
Total Member’s Equity | 1,038 | 1,053 | |||||
Total Liabilities and Member’s Equity | $ | 2,827 | $ | 2,902 |
Three months ended March 31, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Cash Flows from Operating Activities | |||||||
Net (Loss)/Income | $ | (15 | ) | $ | 58 | ||
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 18 | 19 | |||||
Amortization of debt premiums | (2 | ) | (2 | ) | |||
Amortization of out-of-market contracts and emission allowances | (7 | ) | (7 | ) | |||
Gain on sale of assets | — | (3 | ) | ||||
Changes in derivative instruments | 6 | 50 | |||||
Changes in collateral deposits supporting energy risk management activities | 53 | (34 | ) | ||||
Changes in other working capital | (76 | ) | 40 | ||||
Net Cash (Used)/Provided by Operating Activities | (23 | ) | 121 | ||||
Cash Flows from Investing Activities | |||||||
Capital expenditures | (12 | ) | (8 | ) | |||
Proceeds from sale of assets | — | 2 | |||||
Net Cash Used by Investing Activities | (12 | ) | (6 | ) | |||
Cash Flows from Financing Activities | |||||||
Payment for credit support in long-term deposits | (130 | ) | — | ||||
Payments for deferred financing costs | (1 | ) | — | ||||
Net Cash Used by Financing Activities | (131 | ) | — | ||||
Net (Decrease)/Increase in Cash and Cash Equivalents | (166 | ) | 115 | ||||
Cash and Cash Equivalents at Beginning of Period | 471 | 246 | |||||
Cash and Cash Equivalents at End of Period | $ | 305 | $ | 361 |
Three months ended March 31, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Operating Revenues | |||||||
Operating revenues — affiliate | $ | 129 | $ | 233 | |||
Total operating revenues | 129 | 233 | |||||
Operating Costs and Expenses | |||||||
Cost of operations | 84 | 140 | |||||
Cost of operations — affiliate | 19 | 20 | |||||
Depreciation and amortization | 16 | 15 | |||||
General and administrative — affiliate | 20 | 15 | |||||
Total operating costs and expenses | 139 | 190 | |||||
Operating (Loss)/Income | (10 | ) | 43 | ||||
Other Income/(Expense) | |||||||
Interest expense — affiliate | (1 | ) | — | ||||
Total other expense | (1 | ) | — | ||||
(Loss)/Income Before Income Taxes | (11 | ) | 43 | ||||
Income tax | — | — | |||||
Net (Loss)/Income | $ | (11 | ) | $ | 43 |
March 31, 2017 | December 31, 2016 | ||||||
(unaudited) | |||||||
(In millions) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 305 | $ | 471 | |||
Accounts receivable — trade | 1 | 8 | |||||
Inventory | 154 | 135 | |||||
Derivative instruments — affiliate | 21 | 44 | |||||
Prepaid rent and other current assets | 73 | 73 | |||||
Total current assets | 554 | 731 | |||||
Property, plant and equipment, net | 922 | 926 | |||||
Other Assets | |||||||
Intangible assets, net | 10 | 10 | |||||
Derivative instruments — affiliate | 4 | 4 | |||||
Long-term deposits | 255 | — | |||||
Other non-current assets | 187 | 204 | |||||
Total other assets | 456 | 218 | |||||
Total Assets | $ | 1,932 | $ | 1,875 | |||
LIABILITIES AND MEMBER'S EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 31 | $ | 30 | |||
Accounts payable — affiliate | 14 | 29 | |||||
Derivative instruments — affiliate | 28 | 44 | |||||
Accrued expenses and other current liabilities | 48 | 69 | |||||
Total current liabilities | 121 | 172 | |||||
Other Liabilities | |||||||
Derivative instruments — affiliate | 2 | 2 | |||||
Out-of-market contracts | 485 | 492 | |||||
Non-current due to affiliate | 125 | — | |||||
Other non-current liabilities | 60 | 59 | |||||
Total non-current liabilities | 672 | 553 | |||||
Total Liabilities | 793 | 725 | |||||
Commitments and Contingencies | |||||||
Member’s Equity | |||||||
Member’s interest | 1,139 | 1,150 | |||||
Total Member’s Equity | 1,139 | 1,150 | |||||
Total Liabilities and Member’s Equity | $ | 1,932 | $ | 1,875 |
Three months ended March 31, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Cash Flows from Operating Activities | |||||||
Net (Loss)/Income | $ | (11 | ) | $ | 43 | ||
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 16 | 15 | |||||
Amortization of out-of-market contracts and emission allowances | (7 | ) | (7 | ) | |||
Changes in derivative instruments | 7 | 35 | |||||
Changes in other working capital | (30 | ) | 50 | ||||
Net Cash (Used)/Provided by Operating Activities | (25 | ) | 136 | ||||
Cash Flows from Investing Activities | |||||||
Capital expenditures | (10 | ) | (7 | ) | |||
Net Cash Used by Investing Activities | (10 | ) | (7 | ) | |||
Cash Flows from Financing Activities | |||||||
Payment for credit support in long-term deposits | (130 | ) | — | ||||
Payments for deferred financing costs | (1 | ) | — | ||||
Net Cash Used by Financing Activities | (131 | ) | — | ||||
Net (Decrease)/Increase in Cash and Cash Equivalents | (166 | ) | 129 | ||||
Cash and Cash Equivalents at Beginning of Period | 471 | 299 | |||||
Cash and Cash Equivalents at End of Period | $ | 305 | $ | 428 |
Property, plant and equipment Accumulated depreciation | Intangible assets Accumulated amortization | ||||||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2017 | December 31, 2016 | ||||||||||||
(In millions) | |||||||||||||||
GenOn | $ | 646 | $ | 604 | $ | 52 | $ | 87 | |||||||
GenOn Americas Generation | 293 | 275 | 52 | 87 | |||||||||||
GenOn Mid-Atlantic | 253 | 237 | 33 | 29 |
As of March 31, 2017 | As of December 31, 2016 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
(In millions) | |||||||||||||||
Long-term debt, including current portion | $ | 2,737 | $ | 1,945 | $ | 2,752 | $ | 1,946 | |||||||
Long-term debt — affiliate | 125 | 125 | — | — |
As of March 31, 2017 | As of December 31, 2016 | ||||||||||||||
Level 2 | Level 3 | Level 2 | Level 3 | ||||||||||||
(In millions) | |||||||||||||||
Long-term debt, including current portion | $ | 1,850 | $ | 95 | $ | 1,850 | $ | 96 |
As of March 31, 2017 | As of December 31, 2016 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
(In millions) | |||||||||||||||
Long-term debt | $ | 743 | $ | 636 | $ | 745 | $ | 570 |
As of March 31, 2017 | |||||||||||||||
Fair Value | |||||||||||||||
Level 1 (a) | Level 2 (a) | Level 3 | Total | ||||||||||||
(In millions) | |||||||||||||||
Derivative assets: | |||||||||||||||
Commodity contracts | $ | — | $ | 89 | $ | 1 | $ | 90 | |||||||
Derivative liabilities: | |||||||||||||||
Commodity contracts | $ | — | $ | 72 | $ | 3 | $ | 75 | |||||||
Other assets (b) | $ | 8 | $ | — | $ | — | $ | 8 |
As of December 31, 2016 | |||||||||||||||
Fair Value | |||||||||||||||
Level 1 (a) | Level 2 (a) | Level 3 | Total | ||||||||||||
(In millions) | |||||||||||||||
Derivative assets: | |||||||||||||||
Commodity contracts | $ | — | $ | 122 | $ | 2 | $ | 124 | |||||||
Derivative liabilities: | |||||||||||||||
Commodity contracts | $ | — | $ | 119 | $ | 3 | $ | 122 | |||||||
Other assets (b) | $ | 10 | $ | — | $ | — | $ | 10 |
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | |||||||
Three months ended March 31, | |||||||
2017 | 2016 | ||||||
Derivatives (a) | |||||||
(In millions) | |||||||
Beginning balance | $ | (1 | ) | $ | (12 | ) | |
Total losses included in earnings — realized/unrealized | (1 | ) | (2 | ) | |||
Ending balance | $ | (2 | ) | $ | (14 | ) | |
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 March 31 | $ | — | $ | (6 | ) |
As of March 31, 2017 | |||||||||||||||
Fair Value | |||||||||||||||
Level 1 (a) | Level 2 (a) | Level 3 | Total | ||||||||||||
(In millions) | |||||||||||||||
Derivative assets: | |||||||||||||||
Commodity contracts | $ | — | $ | 143 | $ | 5 | $ | 148 | |||||||
Derivative liabilities: | |||||||||||||||
Commodity contracts | $ | — | $ | 153 | $ | 4 | $ | 157 |
As of December 31, 2016 | |||||||||||||||
Fair Value | |||||||||||||||
Level 1 (a) | Level 2 (a) | Level 3 | Total | ||||||||||||
(In millions) | |||||||||||||||
Derivative assets: | |||||||||||||||
Commodity contracts | $ | — | $ | 209 | $ | 5 | $ | 214 | |||||||
Derivative liabilities: | |||||||||||||||
Commodity contracts | $ | — | $ | 212 | $ | 5 | $ | 217 |
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | |||||||
Three months ended March 31, | |||||||
2017 | 2016 | ||||||
Derivatives (a) | |||||||
(In millions) | |||||||
Beginning balance | $ | — | $ | 1 | |||
Total gains included in earnings — realized/unrealized | 1 | 1 | |||||
Ending balance | $ | 1 | $ | 2 |
As of March 31, 2017 | |||||||||||||||
Fair Value | |||||||||||||||
Level 1 (a) | Level 2 (a) | Level 3 | Total | ||||||||||||
(In millions) | |||||||||||||||
Derivative assets: | |||||||||||||||
Commodity contracts | $ | — | $ | 24 | $ | 1 | $ | 25 | |||||||
Derivative liabilities: | |||||||||||||||
Commodity contracts | $ | — | $ | 30 | $ | — | $ | 30 |
As of December 31, 2016 | |||||||||||||||
Fair Value | |||||||||||||||
Level 1 (a) | Level 2 (a) | Level 3 | Total | ||||||||||||
(In millions) | |||||||||||||||
Derivative assets: | |||||||||||||||
Commodity contracts | $ | — | $ | 47 | $ | 1 | $ | 48 | |||||||
Derivative liabilities: | |||||||||||||||
Commodity contracts | $ | — | $ | 45 | $ | 1 | $ | 46 |
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | |||||||
Three months ended March 31, | |||||||
2017 | 2016 | ||||||
Derivatives (a) | |||||||
(In millions) | |||||||
Beginning balance | $ | — | $ | 2 | |||
Total gains included in earnings — realized/unrealized | 1 | — | |||||
Ending balance | $ | 1 | $ | 2 |
Significant Unobservable Inputs | |||||||||||||||||||||||
March 31, 2017 | |||||||||||||||||||||||
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) | $ | 25 | $ | 41 | $ | 34 | |||||||||||
Coal Contracts | — | 1 | Discounted Cash Flow | Forward Market Price (per ton) | 42 | 48 | 44 | ||||||||||||||||
FTRs | — | 2 | Discounted Cash Flow | Auction Prices (per MWh) | (2 | ) | 2 | — | |||||||||||||||
$ | 1 | $ | 3 |
Significant Unobservable Inputs | |||||||||||||||||||||||
December 31, 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) | $ | 29 | $ | 59 | $ | 43 | |||||||||||
Coal Contracts | — | 1 | Discounted Cash Flow | Forward Market Price (per ton) | 42 | 51 | 45 | ||||||||||||||||
FTRs | 1 | 2 | Discounted Cash Flow | Auction Prices (per MWh) | (2 | ) | 3 | — | |||||||||||||||
$ | 2 | $ | 3 |
Significant Unobservable Inputs | |||||||||||||||||||||||
March 31, 2017 | |||||||||||||||||||||||
Fair Value | Input/Range | ||||||||||||||||||||||
Assets | Liabilities | Valuation Technique | Significant Unobservable Input | Low | High | Weighted Average | |||||||||||||||||
(In millions) | |||||||||||||||||||||||
Power Contracts | $ | 2 | $ | 1 | Discounted Cash Flow | Forward Market Price (per MWh) | $ | 25 | $ | 41 | $ | 34 | |||||||||||
Coal Contracts | 1 | 1 | Discounted Cash Flow | Forward Market Price (per ton) | 42 | 48 | 44 | ||||||||||||||||
FTRs | 2 | 2 | Discounted Cash Flow | Auction Prices (per MWh) | (2 | ) | 2 | — | |||||||||||||||
$ | 5 | $ | 4 |
Significant Unobservable Inputs | |||||||||||||||||||||||
December 31, 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) | $ | 29 | $ | 59 | $ | 43 | |||||||||||
Coal Contracts | 1 | 1 | Discounted Cash Flow | Forward Market Price (per ton) | 42 | 51 | 45 | ||||||||||||||||
FTRs | 3 | 4 | Discounted Cash Flow | Auction Prices (per MWh) | (2 | ) | 3 | — | |||||||||||||||
$ | 5 | $ | 5 |
Significant Unobservable Inputs | |||||||||||||||||||||||
March 31, 2017 | |||||||||||||||||||||||
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) | $ | 25 | $ | 41 | $ | 34 | |||||||||||
$ | 1 | $ | — |
Significant Unobservable Inputs | |||||||||||||||||||||||
December 31, 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) | $ | 29 | $ | 59 | $ | 43 | |||||||||||
FTRs | — | 1 | Discounted Cash Flow | Auction Prices (per MWh) | — | 1 | — | ||||||||||||||||
$ | 1 | $ | 1 |
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 March 31, 2017 | As of December 31, 2016 | ||||||
(In millions) | |||||||
GenOn | $ | — | $ | 1 | |||
GenOn Americas Generation | — | 1 |
Net Exposure (a) (b) (% of Total) | ||||||||
Category by Industry Sector | GenOn | GenOn Americas Generation | GenOn Mid-Atlantic | |||||
Utilities, energy merchants, marketers and other | 100 | 100 | — | |||||
Total as of March 31, 2017 | 100 | % | 100 | % | — | % |
Net Exposure (a) (b) (% of Total) | ||||||||
Category by Counterparty Credit Quality | GenOn | GenOn Americas Generation | GenOn Mid-Atlantic | |||||
Investment grade | 97 | % | 98 | % | — | % | ||
Non-Investment grade/Non-rated (b) | 3 | 2 | — | |||||
Total as of March 31, 2017 | 100 | % | 100 | % | — | % |
(a) | Counterparty credit exposure excludes transportation contracts because of the unavailability of market prices. |
(b) | The figures in the tables above exclude potential counterparty credit exposure related to RTOs, ISOs, registered commodity exchanges and certain long term contracts. |
GenOn | GenOn Americas Generation | GenOn Mid-Atlantic | |||||||||||||
Total Volume | Total Volume | Total Volume | |||||||||||||
As of March 31, 2017 | As of December 31, 2016 | As of March 31, 2017 | As of December 31, 2016 | As of March 31, 2017 | As of December 31, 2016 | ||||||||||
Commodity | Units | (In millions) | |||||||||||||
Coal | Short Ton | 3 | 5 | 1 | 4 | 1 | 4 | ||||||||
Natural Gas | MMBtu | 114 | 138 | 24 | 30 | 20 | 23 | ||||||||
Power | MWh | (26 | ) | (35) | (8 | ) | (12) | (8 | ) | (11) |
Fair Value | |||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2017 | December 31, 2016 | ||||||||||||
(In millions) | |||||||||||||||
Derivatives Not Designated as Cash Flow Hedges: | |||||||||||||||
Commodity contracts current | $ | 59 | $ | 108 | $ | 57 | $ | 105 | |||||||
Commodity contracts long-term | 31 | 16 | 18 | 17 | |||||||||||
Total Derivatives Not Designated as Cash Flow Hedges | $ | 90 | $ | 124 | $ | 75 | $ | 122 |
Fair Value | |||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2017 | December 31, 2016 | ||||||||||||
(In millions) | |||||||||||||||
Derivatives Not Designated as Cash Flow Hedges: | |||||||||||||||
Commodity contracts current | $ | 97 | $ | 180 | $ | 108 | $ | 185 | |||||||
Commodity contracts long-term | 51 | 34 | 49 | 32 | |||||||||||
Total Derivatives Not Designated as Cash Flow Hedges | $ | 148 | $ | 214 | $ | 157 | $ | 217 |
Fair Value | |||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2017 | December 31, 2016 | ||||||||||||
(In millions) | |||||||||||||||
Derivatives Not Designated as Cash Flow Hedges: | |||||||||||||||
Commodity contracts current | $ | 21 | $ | 44 | $ | 28 | $ | 44 | |||||||
Commodity contracts long-term | 4 | 4 | 2 | 2 | |||||||||||
Total Derivatives Not Designated as Cash Flow Hedges | $ | 25 | $ | 48 | $ | 30 | $ | 46 |
Gross Amounts Not Offset in the Statement of Financial Position | ||||||||||||||||
Description | Gross Amounts of Recognized Assets / Liabilities | Derivative Instruments | Cash Collateral (Held) / Posted | Net Amount | ||||||||||||
March 31, 2017 | (In millions) | |||||||||||||||
Commodity contracts: | ||||||||||||||||
Derivative assets | $ | 66 | $ | (30 | ) | $ | — | $ | 36 | |||||||
Derivative assets - affiliate | 24 | (24 | ) | — | — | |||||||||||
Derivative liabilities | (49 | ) | 30 | 3 | (16 | ) | ||||||||||
Derivative liabilities - affiliate | (26 | ) | 24 | 2 | — | |||||||||||
Total derivative instruments | $ | 15 | $ | — | $ | 5 | $ | 20 |
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, 2016 | (In millions) | |||||||||||||||
Commodity contracts: | ||||||||||||||||
Derivative assets | $ | 70 | $ | (39 | ) | $ | — | $ | 31 | |||||||
Derivative assets - affiliate | 54 | (54 | ) | — | — | |||||||||||
Derivative liabilities | (56 | ) | 39 | 1 | (16 | ) | ||||||||||
Derivative liabilities - affiliate | (66 | ) | 54 | 12 | — | |||||||||||
Total derivative instruments | $ | 2 | $ | — | $ | 13 | $ | 15 |
Gross Amounts Not Offset in the Statement of Financial Position | ||||||||||||||||
Description | Gross Amounts of Recognized Assets / Liabilities | Derivative Instruments | Cash Collateral (Held) / Posted | Net Amount | ||||||||||||
March 31, 2017 | (In millions) | |||||||||||||||
Commodity contracts: | ||||||||||||||||
Derivative assets | $ | 66 | $ | (30 | ) | $ | — | $ | 36 | |||||||
Derivative assets - affiliate | 82 | (82 | ) | — | — | |||||||||||
Derivative liabilities | (49 | ) | 30 | 3 | (16 | ) | ||||||||||
Derivative liabilities - affiliate | (108 | ) | 82 | 2 | (24 | ) | ||||||||||
Total derivative instruments | $ | (9 | ) | $ | — | $ | 5 | $ | (4 | ) |
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, 2016 | (In millions) | |||||||||||||||
Commodity contracts: | ||||||||||||||||
Derivative assets | $ | 70 | $ | (39 | ) | $ | — | $ | 31 | |||||||
Derivative assets - affiliate | 144 | (144 | ) | — | — | |||||||||||
Derivative liabilities | (56 | ) | 39 | 1 | (16 | ) | ||||||||||
Derivative liabilities - affiliate | (161 | ) | 144 | 12 | (5 | ) | ||||||||||
Total derivative instruments | $ | (3 | ) | $ | — | $ | 13 | $ | 10 |
Gross Amounts Not Offset in the Statement of Financial Position | ||||||||||||||||
Description | Gross Amounts of Recognized Assets / Liabilities | Derivative Instruments | Cash Collateral (Held) / Posted | Net Amount | ||||||||||||
March 31, 2017 | (In millions) | |||||||||||||||
Commodity contracts: | ||||||||||||||||
Derivative assets - affiliate | $ | 25 | $ | (25 | ) | $ | — | $ | — | |||||||
Derivative liabilities - affiliate | (30 | ) | 25 | — | (5 | ) | ||||||||||
Total derivative instruments | $ | (5 | ) | $ | — | $ | — | $ | (5 | ) |
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, 2016 | (In millions) | |||||||||||||||
Commodity contracts: | ||||||||||||||||
Derivative assets - affiliate | $ | 48 | $ | (46 | ) | $ | — | $ | 2 | |||||||
Derivative liabilities - affiliate | (46 | ) | 46 | — | — | |||||||||||
Total derivative instruments | $ | 2 | $ | — | $ | — | $ | 2 |
Three months ended March 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Unrealized mark-to-market results | |||||||
Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges | $ | 15 | $ | (70 | ) | ||
Net unrealized (losses)/gains on open positions related to economic hedges | (3 | ) | 44 | ||||
Total unrealized gains/(losses) | $ | 12 | $ | (26 | ) |
Three months ended March 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Revenue from operations — energy commodities | $ | 10 | $ | (27 | ) | ||
Cost of operations | 2 | 1 | |||||
Total impact to statements of operations | $ | 12 | $ | (26 | ) |
Three months ended March 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Unrealized mark-to-market results | |||||||
Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges | $ | 1 | $ | (67 | ) | ||
Net unrealized (losses)/gains on open positions related to economic hedges | (6 | ) | 13 | ||||
Total unrealized losses | $ | (5 | ) | $ | (54 | ) |
Three months ended March 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Revenue from operations — energy commodities | $ | (8 | ) | $ | (56 | ) | |
Cost of operations | 3 | 2 | |||||
Total impact to statements of operations | $ | (5 | ) | $ | (54 | ) |
Three months ended March 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Unrealized mark-to-market results | |||||||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | $ | — | $ | (52 | ) | ||
Net unrealized (losses)/gains on open positions related to economic hedges | (7 | ) | 12 | ||||
Total unrealized losses | $ | (7 | ) | $ | (40 | ) |
Three months ended March 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Revenue from operations — energy commodities | $ | (3 | ) | $ | (36 | ) | |
Cost of operations | (4 | ) | (4 | ) | |||
Total impact to statements of operations | $ | (7 | ) | $ | (40 | ) |
(In millions, except rates) | March 31, 2017 | December 31, 2016 | March 31, 2017 interest rate % | ||||||
GenOn Americas Generation: | |||||||||
GenOn Americas Generation Senior Notes, due 2021 | $ | 366 | $ | 366 | 8.500 | ||||
GenOn Americas Generation Senior Notes, due 2031 | 329 | 329 | 9.125 | ||||||
Plus premiums | 48 | 50 | |||||||
Subtotal GenOn Americas Generation | 743 | 745 | |||||||
GenOn Energy: | |||||||||
GenOn Senior Notes, due 2017 | 691 | 691 | 7.875 | ||||||
GenOn Senior Notes, due 2018 | 649 | 649 | 9.500 | ||||||
GenOn Senior Notes, due 2020 | 490 | 490 | 9.875 | ||||||
Other liabilities (a) | 95 | 96 | |||||||
GenOn capital lease | 2 | 2 | |||||||
Plus premiums | 69 | 81 | |||||||
Subtotal GenOn Energy | 1,996 | 2,009 | |||||||
Subtotal | 2,739 | 2,754 | |||||||
Less current maturities | 700 | 704 | |||||||
Total long-term debt and capital leases | $ | 2,039 | $ | 2,050 |
(In millions) | March 31, 2017 | December 31, 2016 | |||||
GenOn Americas Generation: | |||||||
GenOn Americas Generation Senior Notes, due 2021 | $ | 25 | $ | 26 | |||
GenOn Americas Generation Senior Notes, due 2031 | 23 | 24 | |||||
GenOn Energy: | |||||||
GenOn Senior Notes, due 2017 | 4 | 8 | |||||
GenOn Senior Notes, due 2018 | 33 | 38 | |||||
GenOn Senior Notes, due 2020 | 32 | 35 | |||||
Total premium | $ | 117 | $ | 131 |
Three months ended March 31, | |||||||
(In millions except otherwise noted) | 2017 | 2016 | |||||
Income before income taxes | $ | (36 | ) | $ | 100 | ||
Income tax expense/(benefit) | 1 | (1 | ) | ||||
Effective tax rate | (2.8 | )% | (1.0 | )% |
Three months ended March 31, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Allocated costs: | |||||||
Cost of operations — affiliate | $ | — | $ | 1 | |||
General and administrative — affiliate | 25 | 21 | |||||
Total | $ | 25 | $ | 22 |
Three months ended March 31, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Allocated costs: | |||||||
Cost of operations — affiliate | $ | 1 | $ | 1 | |||
General and administrative — affiliate | 20 | 15 | |||||
Total | $ | 21 | $ | 16 |
(In MW)(a) | |||||||||
Generation Type | GenOn | GenOn Americas Generation | GenOn Mid-Atlantic | ||||||
Natural gas (b)(c) | 9,348 | 3,011 | 1,864 | ||||||
Coal | 4,199 | 2,433 | 2,433 | ||||||
Oil | 1,847 | 1,434 | 308 | ||||||
Total generation capacity | 15,394 | 6,878 | 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 excludes 1,029 MW related to Pittsburg which was deactivated on January 1, 2017. |
(c) | GenOn's natural gas generation portfolio includes 275 MW related to Choctaw Unit 1 which is in forced outage and is expected to return to service in December 2017. |
• | GenOn Long-Term Deposits — As further described in Note 6, Debt and Capital Leases to the Condensed Consolidated Financial Statements of this Form 10-Q, GenOn Mid-Atlantic entered into an agreement with Natixis under which Natixis procured payment and credit support for the payment of certain lease obligations pursuant to the GenOn Mid-Atlantic operating leases for Morgantown and Dickerson. On February 24, 2017, GenOn Mid-Atlantic received a series of notices from certain of the owner lessors under its operating leases of the Morgantown coal generation unit alleging default purporting the failure by GenOn Mid-Atlantic to comply with a covenant requiring the maintenance of qualifying credit support. On February 28, 2017, the trustees drew on the letters of credit under NRG's revolving credit facility, which resulted in additional borrowings of $125 million under the secured intercompany revolving credit agreement between NRG and GenOn. GenOn requested GenOn Mid-Atlantic repay the related amount borrowed under the secured intercompany revolving credit agreement. GenOn Mid-Atlantic disagrees with the owner lessors as to the existence of any lease events of default and/or any breaches by GenOn Mid-Atlantic of any terms and conditions of the operating leases and believes that the declaration of a lease event of default, the instructions to draw on the letters of credit and the draws thereon constituted a violation by the owner lessors and the relevant trustees of the terms and conditions of the GenOn Mid-Atlantic operating leases. On March 7, 2017, GenOn Mid-Atlantic filed a complaint in the Supreme Court for the State of New York against the owner lessors of the Morgantown and Dickerson facilities and U.S. Bank National Association in its capacity as the indenture trustee. The complaint seeks, inter alia, a declaratory judgment that no lease events of default exist and asserts counts for breach of contract, conversion, tortious interference, breach of the implied covenant of good faith and fair dealing, unjust enrichment, constructive trust, and injunctive relief. The defendants in this action have not yet responded to the complaint and have until June 5, 2017 to do so. The court has set an initial conference hearing for June 12, 2017. |
• | Operational Matters — On January 1, 2017, GenOn Americas Generation deactivated the Pittsburg Generating Station, a 1,029 MW natural gas-fired facility located in California, as a result of notification received during 2016 that its bid for a resource adequacy contract for 2017 with Pacific Gas & Electric was not accepted. |
Average on Peak Power Price ($/MWh) (a) | ||||||||||
Three months ended March 31, | ||||||||||
2017 | 2016 | Change % | ||||||||
MISO - Louisiana Hub (b) | $ | 44.77 | $ | 23.50 | 91 | % | ||||
NEPOOL | 33.92 | 30.82 | 10 | % | ||||||
PEPCO (PJM) | 33.72 | 34.36 | (2 | )% | ||||||
PJM West Hub | 31.96 | 30.30 | 5 | % | ||||||
CAISO - NP15 | 26.54 | 23.92 | 11 | % | ||||||
CAISO - SP15 | 23.08 | 23.32 | (1 | )% |
Average Realized Power Price ($/MWh) | ||||||||||
Three months ended March 31, | ||||||||||
Region | 2017 | 2016 | Change % | |||||||
GenOn | $ | 53.06 | $ | 58.67 | (10 | )% | ||||
GenOn Americas Generation(a) | 111.47 | 122.57 | (9 | )% | ||||||
GenOn Mid-Atlantic | 126.91 | 118.02 | 8 | % |
Three months ended March 31, | |||||||||||
(In millions except otherwise noted) | 2017 | 2016 | Change | ||||||||
Operating Revenues | |||||||||||
Energy revenue (a) | $ | 239 | $ | 360 | $ | (121 | ) | ||||
Capacity revenue (a) | 123 | 201 | (78 | ) | |||||||
Mark-to-market for economic hedging activities | 10 | (27 | ) | 37 | |||||||
Other revenues | 9 | 45 | (36 | ) | |||||||
Total operating revenues | 381 | 579 | (198 | ) | |||||||
Operating Costs and Expenses | |||||||||||
Generation cost of sales (a) | 146 | 200 | (54 | ) | |||||||
Mark-to-market for economic hedging activities | (2 | ) | (1 | ) | (1 | ) | |||||
Contract and emissions credit amortization | (9 | ) | (8 | ) | (1 | ) | |||||
Operations and maintenance | 115 | 170 | (55 | ) | |||||||
Other cost of operations | 21 | 11 | 10 | ||||||||
Total cost of operations | 271 | 372 | (101 | ) | |||||||
Depreciation and amortization | 43 | 47 | (4 | ) | |||||||
General and administrative | 13 | 2 | 11 | ||||||||
General and administrative - affiliate | 46 | 46 | — | ||||||||
Total operating costs and expenses | 373 | 467 | (94 | ) | |||||||
Gain on sale of assets | — | 32 | (32 | ) | |||||||
Operating Income | 8 | 144 | (136 | ) | |||||||
Other Income/(Expense) | |||||||||||
Other income, net | 3 | 1 | 2 | ||||||||
Interest expense | (47 | ) | (45 | ) | 2 | ||||||
Total other expense | (44 | ) | (44 | ) | — | ||||||
(Loss)/Income Before Income Taxes | (36 | ) | 100 | (136 | ) | ||||||
Income tax expense/(benefit) | 1 | (1 | ) | 2 | |||||||
Net (Loss)/Income | $ | (37 | ) | $ | 101 | $ | (138 | ) | |||
Business Metrics | |||||||||||
Average natural gas price — Henry Hub ($/MMBtu) | $ | 3.32 | $ | 2.09 | 59 | % | |||||
MWh sold (in thousands) (b) | 4,504 | 6,136 | (27 | )% | |||||||
MWh generated (in thousands) | 4,504 | 6,172 | (27 | )% |
(a) | Includes realized gains and losses from financially settled transactions. |
(b) | MWh sold excludes generation at facilities that generate revenue under tolling agreements. |
Three months ended March 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Energy revenue | $ | 239 | $ | 360 | |||
Capacity revenue | 123 | 201 | |||||
Mark-to-market for economic hedging activities | 10 | (27 | ) | ||||
Other revenues | 9 | 45 | |||||
Operating revenue | 381 | 579 | |||||
Cost of fuel | (136 | ) | (170 | ) | |||
Other cost of sales | (10 | ) | (30 | ) | |||
Mark-to-market for economic hedging activities | 2 | 1 | |||||
Contract and emission credit amortization | 9 | 8 | |||||
Gross margin | $ | 246 | $ | 388 | |||
Less: Mark-to-market for economic hedging activities, net | 12 | (26 | ) | ||||
Less: Contract and emission credit amortization, net | 9 | 8 | |||||
Economic gross margin | $ | 225 | $ | 406 |
(In millions) | |||
Lower gross margin due to a 29% decrease in economic generation primarily at GenOn Mid-Atlantic and Avon Lake as a result of milder weather conditions | $ | (56 | ) |
Lower gross margin due to a 32% decrease in PJM cleared auction capacity prices resulting from more imports and increased supply | (44 | ) | |
Lower gross margin due to the sale of emission credits in the first quarter of the prior year | (36 | ) | |
Lower gross margin due to a 4% decrease in average realized energy prices and a 41% increase in the price of natural gas and transportation costs due to less favorable short-term natural gas contract terms | (22 | ) | |
Lower gross margin due to lower contract capacity revenues as a result of deactivating the Pittsburg facility and lower contracted volumes and prices in New York | (21 | ) | |
Lower gross margin due to the sale of Seward, Shelby and Aurora facilities in 2016 | (5 | ) | |
Higher gross margin due to lower purchased capacity to cover supply obligations, partially offset by an 8% decrease in PJM cleared auction capacity volumes due to plant deactivations and asset sales | 8 | ||
Other | (5 | ) | |
Decrease in economic gross margin | $ | (181 | ) |
Increase 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 | 38 | ||
Increase in contract and emission credit amortization | 1 | ||
Decrease in gross margin | $ | (142 | ) |
Three months ended March 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Mark-to-market results in operating revenues | |||||||
Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges | $ | 8 | $ | (101 | ) | ||
Net unrealized gains on open positions related to economic hedges | 2 | 74 | |||||
Total mark-to-market gains/(losses) in operating revenues | $ | 10 | $ | (27 | ) | ||
Mark-to-market results in operating costs and expenses | |||||||
Reversal of previously recognized unrealized losses on settled positions related to economic hedges | $ | 7 | $ | 31 | |||
Net unrealized losses on open positions related to economic hedges | (5 | ) | (30 | ) | |||
Total mark-to-market gains in operating costs and expenses | $ | 2 | $ | 1 |
(In millions) | |||
Lower maintenance costs due to prior year environmental control work at Avon Lake and prior year fuel conversions at Shawville and New Castle | $ | (15 | ) |
Lower environmental accruals at GenOn Mid-Atlantic for Maryland Ash sites in 2017 | (15 | ) | |
Lower maintenance costs due to the timing of prior year outages, partially offset by current year deactivation costs at Pittsburg | (10 | ) | |
Lower operating and maintenance costs due to the timing of planned outages primarily at GenOn Mid-Atlantic | (9 | ) | |
Lower operating and maintenance costs primarily due to the sale of Seward during the first quarter of 2016 | (6 | ) | |
$ | (55 | ) |
Three months ended March 31, | |||||||||||
(In millions except otherwise noted) | 2017 | 2016 | Change | ||||||||
Operating Revenues | |||||||||||
Energy revenue (a) | $ | 210 | $ | 333 | $ | (123 | ) | ||||
Capacity revenue (a) | 124 | 207 | (83 | ) | |||||||
Mark-to-market for economic hedging activities | (8 | ) | (56 | ) | 48 | ||||||
Other revenues | 3 | 4 | (1 | ) | |||||||
Total operating revenues | 329 | 488 | (159 | ) | |||||||
Operating Costs and Expenses | |||||||||||
Generation cost of sales (a) | 215 | 290 | (75 | ) | |||||||
Mark-to-market for economic hedging activities | (3 | ) | (2 | ) | (1 | ) | |||||
Contract and emissions credit amortization | — | — | — | ||||||||
Operations and maintenance | 63 | 87 | (24 | ) | |||||||
Other cost of operations | 13 | 3 | 10 | ||||||||
Total cost of operations | 288 | 378 | (90 | ) | |||||||
Depreciation and amortization | 18 | 19 | (1 | ) | |||||||
General and administrative - affiliate | 25 | 21 | 4 | ||||||||
Total operating costs and expenses | 331 | 418 | (87 | ) | |||||||
Gain on sale of assets | — | 3 | (3 | ) | |||||||
Operating (Loss)/Income | (2 | ) | 73 | (75 | ) | ||||||
Other Income/(Expense) | |||||||||||
Other income, net | 1 | — | 1 | ||||||||
Interest expense | (14 | ) | (15 | ) | (1 | ) | |||||
Total other expense | (13 | ) | (15 | ) | (2 | ) | |||||
(Loss)/Income Before Income Taxes | (15 | ) | 58 | (73 | ) | ||||||
Income tax | — | — | — | ||||||||
Net (Loss)/Income | $ | (15 | ) | $ | 58 | $ | (73 | ) | |||
Business Metrics | |||||||||||
Average natural gas price — Henry Hub ($/MMBtu) | $ | 3.32 | $ | 2.09 | 59 | % | |||||
MWh sold (in thousands) | 924 | 1,958 | (53 | )% | |||||||
MWh generated (in thousands) | 924 | 1,965 | (53 | )% |
Three months ended March 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Energy revenue | $ | 210 | $ | 333 | |||
Capacity revenue | 124 | 207 | |||||
Mark-to-market for economic hedging activities | (8 | ) | (56 | ) | |||
Other revenues | 3 | 4 | |||||
Operating revenue | 329 | 488 | |||||
Cost of fuel | (80 | ) | (89 | ) | |||
Other cost of sales | (135 | ) | (201 | ) | |||
Mark-to-market for economic hedging activities | 3 | 2 | |||||
Gross margin | $ | 117 | $ | 200 | |||
Less: Mark-to-market for economic hedging activities, net | (5 | ) | (54 | ) | |||
Economic gross margin | $ | 122 | $ | 254 |
Three months ended March 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Energy revenue | $ | 107 | $ | 93 | |||
Capacity revenue | 52 | 99 | |||||
Other revenues | 1 | — | |||||
Operating revenue | 160 | 192 | |||||
Cost of fuel | (29 | ) | (9 | ) | |||
Other cost of sales | (131 | ) | (183 | ) | |||
Gross margin and economic gross margin | $ | — | $ | — |
(In millions) | |||
Lower gross margin at GenOn Mid-Atlantic due to a 62% decrease in economic generation resulting from milder weather conditions | $ | (79 | ) |
Lower gross margin due to a 52% decrease in average realized energy prices in New York and New England partially offset by a 21% increase in generation at Bowline | (20 | ) | |
Lower gross margin due to lower contract capacity revenues as a result of the deactivation of the Pittsburg facility as well as lower contract volumes and prices in New York | (19 | ) | |
Lower gross margin at GenOn Mid-Atlantic due to a 30% decrease in PJM cleared auction capacity prices as a result of more imports and increased supply, partially offset by a 3% increase in PJM cleared auction capacity volumes | (16 | ) | |
Other | 2 | ||
Decrease in economic gross margin | $ | (132 | ) |
Increase 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 | 49 | ||
Decrease in gross margin | $ | (83 | ) |
Three months ended March 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Mark-to-market results in operating revenues | |||||||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | $ | (7 | ) | $ | (93 | ) | |
Net unrealized (losses)/gains on open positions related to economic hedges | (1 | ) | 37 | ||||
Total mark-to-market losses in operating revenues | $ | (8 | ) | $ | (56 | ) | |
Mark-to-market results in operating costs and expenses | |||||||
Reversal of previously recognized unrealized losses on settled positions related to economic hedges | $ | 8 | $ | 26 | |||
Net unrealized losses on open positions related to economic hedges | (5 | ) | (24 | ) | |||
Total mark-to-market gains in operating costs and expenses | $ | 3 | $ | 2 |
Three months ended March 31, | |||||||||||
(In millions except otherwise noted) | 2017 | 2016 | Change | ||||||||
Operating Revenues | |||||||||||
Energy revenue (a) | $ | 83 | $ | 203 | $ | (120 | ) | ||||
Capacity revenue (a) | 47 | 64 | (17 | ) | |||||||
Mark-to-market for economic hedging activities | (3 | ) | (36 | ) | 33 | ||||||
Other revenues | 2 | 2 | — | ||||||||
Total operating revenues | 129 | 233 | (104 | ) | |||||||
Operating Costs and Expenses | |||||||||||
Generation cost of sales (a) | 42 | 84 | (42 | ) | |||||||
Mark-to-market for economic hedging activities | 4 | 4 | — | ||||||||
Operations and maintenance | 49 | 72 | (23 | ) | |||||||
Other cost of operations | 8 | — | 8 | ||||||||
Total cost of operations | 103 | 160 | (57 | ) | |||||||
Depreciation and amortization | 16 | 15 | 1 | ||||||||
General and administrative | 20 | 15 | 5 | ||||||||
Total operating costs and expenses | 139 | 190 | (51 | ) | |||||||
Operating (Loss)/Income | (10 | ) | 43 | (53 | ) | ||||||
Other Income/(Expense) | |||||||||||
Interest expense | (1 | ) | — | 1 | |||||||
Total other expense | (1 | ) | — | 1 | |||||||
(Loss)/Income Before Income Taxes | (11 | ) | 43 | (54 | ) | ||||||
Income tax | — | — | — | ||||||||
Net (Loss)/Income | $ | (11 | ) | $ | 43 | $ | (54 | ) | |||
Business Metrics | |||||||||||
Average natural gas price — Henry Hub ($/MMBtu) | $ | 3.32 | $ | 2.09 | 59 | % | |||||
MWh sold (in thousands) | 654 | 1,720 | (62 | )% | |||||||
MWh generated (in thousands) | 654 | 1,741 | (62 | )% |
Three months ended March 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Energy revenue | $ | 83 | $ | 203 | |||
Capacity revenue | 47 | 64 | |||||
Mark-to-market for economic hedging activities | (3 | ) | (36 | ) | |||
Other revenues | 2 | 2 | |||||
Operating revenue | 129 | 233 | |||||
Cost of fuel | (38 | ) | (72 | ) | |||
Other cost of sales | (4 | ) | (12 | ) | |||
Mark-to-market for economic hedging activities | (4 | ) | (4 | ) | |||
Gross margin | $ | 83 | $ | 145 | |||
Less: Mark-to-market for economic hedging activities, net | (7 | ) | (40 | ) | |||
Economic gross margin | $ | 90 | $ | 185 |
(In millions) | |||
Lower gross margin due to a 62% decrease in economic generation resulting from milder weather conditions | $ | (79 | ) |
Lower gross margin due to a 30% decrease in PJM cleared auction capacity prices as a result of more imports and increased supply, partially offset by a 3% increase in PJM cleared auction capacity volumes | (16 | ) | |
Decrease in economic gross margin | $ | (95 | ) |
Increase 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 | 33 | ||
Decrease in gross margin | $ | (62 | ) |
Three months ended March 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Mark-to-market results in operating revenues | |||||||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | $ | (1 | ) | $ | (72 | ) | |
Net unrealized (losses)/gains on open positions related to economic hedges | (2 | ) | 36 | ||||
Total mark-to-market losses in operating revenues | $ | (3 | ) | $ | (36 | ) | |
Mark-to-market results in operating costs and expenses | |||||||
Reversal of previously recognized unrealized losses on settled positions related to economic hedges | $ | 1 | $ | 20 | |||
Net unrealized losses on open positions related to economic hedges | (5 | ) | (24 | ) | |||
Total mark-to-market losses in operating costs and expenses | $ | (4 | ) | $ | (4 | ) |
March 31, 2017 | December 31, 2016 | ||||||
(In millions) | |||||||
Cash and cash equivalents: | |||||||
GenOn excluding GenOn Mid-Atlantic and REMA | $ | 498 | $ | 463 | |||
GenOn Mid-Atlantic (a) | 305 | 471 | |||||
REMA (a) | 82 | 100 | |||||
Total | 885 | 1,034 | |||||
Credit facility availability | 214 | 228 | |||||
Total liquidity | $ | 1,099 | $ | 1,262 |
S&P | Moody's | ||
GenOn 7.875% Senior Notes, due 2017 | CCC | Caa3 | |
GenOn 9.500% Senior Notes, due 2018 | CCC | Caa3 | |
GenOn 9.875% Senior Notes, due 2020 | CCC | Caa3 | |
GenOn Americas Generation 8.500% Senior Notes, due 2021 | CCC- | Caa3 | |
GenOn Americas Generation 9.125% Senior Notes, due 2031 | CCC- | Caa3 |
Maintenance | Environmental | Growth | Total | ||||||||||||
(In millions) | |||||||||||||||
Total cash capital expenditures for the three months ended March 31, 2017 | |||||||||||||||
GenOn | $ | 19 | $ | 7 | $ | 6 | $ | 32 | |||||||
GenOn Americas Generation | 10 | 2 | — | 12 | |||||||||||
GenOn Mid-Atlantic | 8 | 2 | — | 10 | |||||||||||
Estimated capital expenditures for the remainder of 2017 | |||||||||||||||
GenOn | 53 | 6 | — | 59 | |||||||||||
GenOn Americas Generation | 10 | 5 | — | 15 | |||||||||||
GenOn Mid-Atlantic | 9 | 5 | — | 14 |
Three Months Ended March 31, 2017 | Remainder of 2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | Total | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||
REMA | $ | 12 | $ | 51 | $ | 55 | $ | 65 | $ | 56 | $ | 47 | $ | 231 | $ | 517 | |||||||||||||||
GenOn Mid-Atlantic | — | 144 | 105 | 139 | 105 | 42 | 400 | 935 | |||||||||||||||||||||||
Total Minimum Lease Payment | $ | 12 | $ | 195 | $ | 160 | $ | 204 | $ | 161 | $ | 89 | $ | 631 | $ | 1,452 |
Number | Description | Method of Filing | ||
10.1 | Payment Agreement, dated as of January 27, 2017, by and between GenOn Mid-Atlantic, LLC and Natixis Funding Corp. | Incorporated herein by reference to Exhibit 10.1 to the Registrant's Current Report on form 8-K filed on February 2, 2017. | ||
31.1A1 | Rule 13a-14(a)/15d-14(a) certification of Mark Allen McFarland. | 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 | ||
10.1 | Payment Agreement, dated as of January 27, 2017, by and between GenOn Mid-Atlantic, LLC and Natixis Funding Corp. | Incorporated herein by reference to Exhibit 10.1 to the Registrant's Current Report on form 8-K filed on February 2, 2017. | ||
31.1A2 | Rule 13a-14(a)/15d-14(a) certification of Mark Allen McFarland. | 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 | ||
10.1 | Payment Agreement, dated as of January 27, 2017, by and between GenOn Mid-Atlantic, LLC and Natixis Funding Corp. | Incorporated herein by reference to Exhibit 10.1 to the Registrant's Current Report on form 8-K filed on February 2, 2017. | ||
31.1A3 | Rule 13a-14(a)/15d-14(a) certification of Mark Allen McFarland. | 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/ MARK ALLEN MCFARLAND | |||
Mark Allen McFarland 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/ MARK ALLEN MCFARLAND | |||
Mark Allen McFarland 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/ MARK ALLEN MCFARLAND | |||
Mark Allen McFarland 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/ MARK ALLEN MCFARLAND | |
Mark Allen McFarland | |
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/ MARK ALLEN MCFARLAND | |
Mark Allen McFarland | |
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/ MARK ALLEN MCFARLAND | |
Mark Allen McFarland | |
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/ MARK ALLEN MCFARLAND | ||
Mark Allen McFarland | ||
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/ MARK ALLEN MCFARLAND | ||
Mark Allen McFarland | ||
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/ MARK ALLEN MCFARLAND | ||
Mark Allen McFarland | ||
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 | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Net (Loss)/Income | $ (37) | $ 101 |
Other comprehensive income net of reclassifications, net of tax of $0: | ||
Defined benefit plans | 1 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 1 | |
Comprehensive (Loss)/Income | $ (36) | $ 101 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) Parenthetical - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | $ 0 | $ 0 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
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 |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
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 15,394 MW of net electric generating capacity located in the U.S. On January 1, 2017, GenOn Americas Generation deactivated Pittsburg which resulted in the decrease in operating generation capacity of 1,029 from December 31, 2016. GenOn Americas Generation is a wholesale power generator with approximately 6,878 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 15,394 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 6,878 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 March 31, 2017. 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 financial statements in the Registrants' 2016 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 March 31, 2017, and the results of operations, comprehensive income/(loss) and cash flows for the three months ended March 31, 2017 and 2016. 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 of March 31, 2017, GenOn had cash and cash equivalents of $885 million, of which $305 million and $82 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, GenOn Mid-Atlantic and REMA must be in compliance with the requirement to provide credit support to the owner lessors securing their obligations to pay scheduled rent under their respective leases. 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. As disclosed in Note 6, Debt and Capital Leases, as of March 31, 2017, $691 million of GenOn's Senior Notes outstanding excluding $4 million of associated premiums, 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. 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. If GenOn is unable to enter into a settlement with its creditors, refinance the senior notes or otherwise raise or generate sufficient capital, 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. Pending resolution, there is substantial doubt about GenOn's ability to continue as a going concern. During 2016, GenOn appointed two independent directors, retained advisors and established a separate audit committee as part of this process. On April 7, 2017, GenOn also appointed a new dedicated chief executive officer, effective immediately. NRG, GenOn's parent company, has no obligation to provide any financial support other than the credit agreement between NRG and GenOn which provides for a $500 million revolving credit facility, all of which can be utilized for revolving loans and letters of credit as further described in Note 8, Related Party Transactions. As controlled group members, ERISA requires that NRG and GenOn are jointly and severally liable for the NRG Pension Plan for Bargained Employees and the NRG Pension Plan, including the pension liabilities associated with GenOn employees. As of March 31, 2017, GenOn Americas Generation, a consolidated subsidiary of GenOn, has a note receivable due from GenOn Energy Holdings, a consolidated subsidiary of GenOn, of $315 million and an accounts receivable due from GenOn Energy Holdings of $25 million under the intercompany cash management program as further described in Note 8, Related Party Transactions. The terms of the intercompany note do not provide for priority to GenOn Americas Generation and as such, there is no assurance that options pursued by GenOn will not have an adverse impact on GenOn Americas Generation’s liquidity. As such, there is substantial doubt about GenOn Americas Generation’s ability to continue as a going concern. With respect to GenOn Mid-Atlantic, a consolidated subsidiary of GenOn, management has determined that while it has sufficient cash on hand to fund current obligations including operating lease payments due under the GenOn Mid-Atlantic operating leases as of March 31, 2017, the potential significant adverse impact of financial stresses at GenOn Mid-Atlantic's parent companies and, to a lesser extent, any adverse impact resulting from the notification by GenOn Mid-Atlantic's lessors alleging the existence of lease events of default as further described in Note 6, Debt and Capital Leases, has caused there to be substantial doubt about GenOn Mid-Atlantic's ability to continue as a going concern. 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 |
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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 (GenOn, GenOn Americas Generation, and GenOn Mid-Atlantic) 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 March 31, 2017 and December 31, 2016:
Other Cash Flow Information (GenOn Americas Generation and GenOn Mid-Atlantic) As further described in Note 6, Debt and Capital Leases, $125 million of borrowings were drawn by GenOn under the secured intercompany revolving credit agreement between NRG and GenOn on behalf of GenOn Mid-Atlantic, for which a corresponding payable was recorded by GenOn Mid-Atlantic to GenOn. The non-current due to affiliate and related long-term deposit are non-cash activities for GenOn Americas Generation and GenOn Mid-Atlantic for the three months ended March 31, 2017. Recent Accounting Developments — Guidance Not Yet Adopted (GenOn, GenOn Americas Generation, and GenOn Mid-Atlantic) ASU 2017-07 — In March 2017, the FASB issued ASU No. 2017-07, Compensation — Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, or ASU No. 2017-07. Current GAAP does not indicate where the amount of net benefit cost should be presented in an entity’s income statement and does not require entities to disclose the amount of net benefit cost that is included in the income statement. The amendments of ASU No. 2017-07 require an entity to report the service cost component of net benefit costs in the same line item as other compensation costs arising from services rendered by the related employees during the applicable service period. The other components of net benefit cost are required to be presented separately from the service cost component and outside the subtotal of income from operations. Further, ASU No. 2017-07 prescribes that only the service cost component of net benefit costs is eligible for capitalization. The amendments of ASU No. 2017-07 are effective for fiscal years beginning after December 15, 2017, including interim periods therein. Early adoption is permitted and must be applied on a retrospective basis, except for the amendments regarding the capitalization of the service cost component, which must be applied prospectively. GenOn is currently assessing the impact that the adoption of ASU No. 2017-07 will have on its results of operations, cash flows, and statement of financial position. ASU 2016-18 — In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash, or ASU No. 2016-18. The amendments of ASU No. 2016-18 require an entity to include amounts generally described as restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning of period and end of period total amounts on the statement of cash flows. For GenOn and GenOn Americas Generation, this includes amounts classified as funds deposited by counterparties. The amendments of ASU No. 2016-18 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. 2016-18 will be applied retrospectively. GenOn and GenOn Americas Generation calculated the impact of ASU No. 2016-18 on the statement of cash flows to be an increase of cash flows from operating activities of $0 and $15 million for the three months ended March 31, 2017 and 2016, respectively. The adoption of ASU No. 2016-18 will not have an impact to GenOn Mid-Atlantic's statement of cash flows. ASU 2016-02 — In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), or Topic 842, 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 by expanding the related disclosures. The guidance in Topic 842 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, Topic 842 expands the required quantitative and qualitative disclosures with regards to lease arrangements. The Registrants expect to adopt the standard effective January 1, 2019 utilizing the required modified retrospective approach for the earliest period presented. The Registrants expect to elect certain of the practical expedients permitted, including the expedient that permits the Registrants to retain its existing lease assessment and classification. The Registrants are currently working through an adoption plan which includes the evaluation of lease contracts compared to the new standard. While the Registrants are currently evaluating the impact the new guidance will have on their financial position and results of operations, the Registrants expect to recognize lease liabilities and right of use assets. The extent of the increase to assets and liabilities associated with these amounts remains to be determined pending the Registrants' review of its existing lease contracts and service contracts which may contain embedded leases. As this review is still in process, it is currently not practicable to quantify the impact of adopting the ASU at this time. ASU 2014-09 — In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), or Topic 606, which was further amended through various updates issued by the FASB thereafter. The amendments of Topic 606 completed the joint effort between the FASB and the IASB, to develop a common revenue standard for GAAP and IFRS, and to improve financial reporting. 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 five step model to be applied by an entity in evaluating its contracts with customers. The Registrants expect to adopt the standard effective January 1, 2018 and apply the guidance retrospectively to contracts at the date of adoption. The Registrants will recognize the cumulative effect of applying Topic 606 at the date of initial application, as prescribed under the modified retrospective transition method. The Registrants also expect to elect the practical expedient available under Topic 606 for measuring progress toward complete satisfaction of a performance obligation and for disclosure requirements of remaining performance obligations. The practical expedient allows an entity to recognize revenue in the amount to which the entity has the right to invoice such that the entity has a right to the consideration in an amount that corresponds directly with the value to the customer for performance completed to date by the entity. In 2016, the Registrants continued to assess the new standard with a focus on identifying the performance obligations included within its revenue arrangements with customers and evaluating the Registrants' methods of estimating the amount and timing of variable consideration. Based on the assessment to date, the Registrants are currently evaluating the impact of the new standard on the Registrants' results of operations, financial position or cash flows. |
Dispositions (Notes) |
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Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Dispositions (GenOn and GenOn Americas Generation) 2017 Dispositions Sale of Emission Allowances (GenOn and GenOn Americas Generation) During the three months ended March 31, 2017, GenOn Energy Management, through its existing agreement with NRG Power Marketing, LLC, sold 1.3 million of certain emission credit allowances for proceeds of $18 million resulting in a gain on the sale of approximately $1 million. 2016 Dispositions Potrero Disposition (GenOn and 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. 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 the Seward Generating Station, a 525 MW coal-fired facility in Pennsylvania, for cash consideration of $75 million. 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 imposed 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 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 $9 million had been collected as of March 31, 2017. |
Fair Value of Financial Instruments |
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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' 2016 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 and long-term debt — affiliate 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 March 31, 2017 and December 31, 2016:
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 months ended March 31, 2017. (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, 2016. (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 months ended March 31, 2017 and 2016, 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. 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 months ended March 31, 2017.
(a) There were no transfers between Levels 1 and 2 during the year ended December 31, 2016. The following table reconciles, for the three months ended March 31, 2017 and 2016, 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. There were no 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 March 31, 2017 or 2016. 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 months ended March 31, 2017.
(a) There were no transfers between Levels 1 and 2 during the year ended December 31, 2016. The following table reconciles, for the three months ended March 31, 2017 and 2016, 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. There were no 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 March 31, 2017 or 2016. 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 March 31, 2017, contracts valued with prices provided by models and other valuation techniques make up 1% of GenOn's derivative assets and 4% of GenOn's derivative liabilities, 3% of GenOn Americas Generation’s derivative assets and 3% of GenOn Americas Generation's derivative liabilities and 4% 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 March 31, 2017 and December 31, 2016: 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 March 31, 2017 and December 31, 2016:
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' credit reserves were as follows:
There were no non-performance/credit reserves for GenOn Mid-Atlantic as of March 31, 2017 and December 31, 2016. 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 March 31, 2017, GenOn recorded $79 million of cash collateral paid on its balance sheet, which includes $34 million of collateral paid to NRG. As of March 31, 2017, GenOn Americas Generation recorded $77 million of cash collateral paid on its balance sheet, which includes $34 million of collateral paid to NRG. As of March 31, 2017, 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' 2016 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 2016 Form 10-K. As of March 31, 2017, GenOn's counterparty credit exposure was $56 million and GenOn held no collateral (cash and letters of credit) against those positions, resulting in a net exposure of $56 million. Approximately 95% of GenOn's exposure before collateral is expected to roll off by the end of 2018. As of March 31, 2017, GenOn Americas Generation’s counterparty credit exposure was $55 million, and GenOn Americas Generation held no collateral (cash and letters of credit) against those positions, resulting in a net exposure of $55 million. Approximately 95% of GenOn Americas Generation’s exposure before collateral is expected to roll off by the end of 2018. As of March 31, 2017, 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 $53 million, $53 million and zero 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. RTOs and ISOs The Registrants participate in the organized markets of CAISO, ISO-NE, MISO, NYISO and PJM, known as RTO or ISOs. Trading in these markets is approved by FERC and includes credit policies that, under certain circumstances, require that losses arising from the default of one member on spot market transactions be shared by the remaining participants. As a result, the counterparty credit risk to these markets is limited to the Registrants' applicable share of the overall market and are excluded from the above exposure. Exchange Traded Transactions The Registrants enter into commodity transactions on registered exchanges, notably ICE and NYMEX. These clearinghouses act as the counterparty, and transactions are subject to extensive collateral and margining requirements. As a result, these commodity transactions have limited counterparty credit risk. |
Accounting for Derivative Instruments and Hedging Activities |
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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' 2016 Form 10-K. Energy-Related Commodities (GenOn) As of March 31, 2017, 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 March 31, 2017 and December 31, 2016. 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 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' underwent 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 6, 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
GenOn Americas Generation
GenOn Mid-Atlantic
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 March 31, 2017, was $3 million for GenOn and GenOn Americas Generation. As of March 31, 2017, 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 no collateral was due as of March 31, 2017. As of March 31, 2017, 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. |
Debt and Capital Leases (Notes) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Capital Leases Disclosures [Text Block] | Debt and Capital Leases (GenOn, GenOn Americas Generation, and GenOn Mid-Atlantic) Long-term debt and capital leases consisted of the following:
(a) Debt financing liabilities associated with the Long Term Service Agreements for the Choctaw and Hunterstown facilities. 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. On January 10, 2017, GenOn's corporate rating was lowered by S&P to CCC- from CCC. The ratings outlook for GenOn, GenOn Americas Generation, GenOn Mid-Atlantic and REMA is negative. In addition, S&P also lowered the issue-level ratings on the GenOn Senior Notes to CCC from CCC+, the GenOn Americas Generation Senior Notes to CCC- from CCC, and the pass-through certificates at REMA and GenOn Mid-Atlantic to CCC+ from B-. GenOn Mid-Atlantic Long-Term Deposits On January 27, 2017, GenOn Mid-Atlantic entered into an agreement with Natixis Funding Corp., or Natixis, under which Natixis will procure payment and credit support for the payment of certain lease payments owed pursuant to the GenOn Mid-Atlantic operating leases for Morgantown and Dickerson. GenOn Mid-Atlantic made a payment of $130 million plus fees of $1 million as consideration for Natixis applying for the issuance of, and obtaining, letters of credit from Natixis, New York Branch, the LC Provider, to support the lease payments. Natixis is solely responsible for (i) obtaining letters of credit from the LC Provider, (ii) causing the letters of credit to be issued to the lessors to support the lease payments on behalf of GenOn Mid-Atlantic, (iii) making lease payments and (iv) satisfying any reimbursement obligations payable to the LC Provider. The payment is reflected as a long-term deposit on the Registrants' consolidated balance sheets as of March 31, 2017. On February 24, 2017, GenOn Mid-Atlantic received a series of notices from certain of the owner lessors under its operating leases of the Morgantown coal generation unit, or Notices, alleging default. The Notices allege the existence of lease events of default as a result of, among other items, the purported failure by GenOn Mid-Atlantic to comply with a covenant requiring the maintenance of qualifying credit support. The Notices instructed the relevant trustees to draw on letters of credit under the secured intercompany revolving credit agreement between NRG and GenOn as further described in Note 8, Related Party Transactions, to support the GenOn Mid-Atlantic operating leases that were set to expire on February 28, 2017. On February 28, 2017, the trustees drew on the letters of credit under NRG's revolving credit facility, which resulted in borrowings of $125 million. Upon notification, GenOn became obligated under the secured intercompany revolving credit agreement between NRG and GenOn. In addition, a corresponding payable was recorded by GenOn Mid-Atlantic to GenOn, with the offset recorded as a long-term deposit on the Registrants' consolidated balance sheets as of March 31, 2017 under the related operating leases, pending resolution of the matter. GenOn requested GenOn Mid-Atlantic repay the related amount borrowed under the secured intercompany revolving credit agreement. GenOn Mid-Atlantic is unaware of whether any further action will be taken by the owner lessors or any other person in connection with the Notices. GenOn Mid-Atlantic disagrees with the owner lessors as to the existence of any lease events of default and/or any breaches by GenOn Mid-Atlantic of any terms and conditions of the operating leases and believes that the declaration of a lease event of default, the instruction to draw on the letters of credit under the secured intercompany revolving credit agreement between NRG and GenOn and the draws thereon constituted a violation by the owner lessors and the relevant trustees of the terms and conditions of the GenOn Mid-Atlantic operating leases. GenOn Mid-Atlantic intends to vigorously pursue its rights and remedies in connection with these actions. On March 7, 2017, GenOn Mid-Atlantic filed a complaint in the Supreme Court for the State of New York against the owner lessors of the Morgantown and Dickerson facilities and U.S. Bank National Association in its capacity as the indenture trustee. The complaint seeks, inter alia, a declaratory judgment that no lease events of default exist and asserts counts for breach of contract, conversion, tortious interference, breach of the implied covenant of good faith and fair dealing, unjust enrichment, constructive trust, and injunctive relief. The defendants in this action have not yet responded to the complaint and have until June 5, 2017 to do so. The court has set an initial conference hearing for June 12, 2017. |
Income Taxes |
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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 months ended March 31, 2017, GenOn's overall effective tax rate was lower than the statutory rate of 35% primarily due to a change in the valuation allowance, partially offset by the impact of state income taxes. For the three months ended March 31, 2016, GenOn's overall effective tax rate was lower than the statutory rate of 35% primarily due to a change in the valuation allowance, partially offset by the impact of state income taxes. GenOn Americas Generation GenOn Americas Generation's allocated income taxes resulting from its operations for the three months ended March 31, 2017 and 2016 were zero. GenOn Americas Generation's pro forma income taxes resulting from its operations for the three months ended March 31, 2017 and 2016 are zero 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 zero for the three months ended March 31, 2017 and 2016. The pro forma income tax provision attributable to income before taxes is a tax expense of zero and $18 million during the three months ended March 31, 2017 and 2016, respectively. The balance of GenOn Mid-Atlantic's pro forma deferred income taxes is a net deferred tax asset of zero as of March 31, 2017 and December 31, 2016, as GenOn Mid-Atlantic determined a valuation allowance is required on the net deferred tax asset. |
Related Party Transactions |
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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 each of the three months ended March 31, 2017 and 2016, GenOn recorded costs related to these services of $46 million 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 March 31, 2017 and December 31, 2016, $161 million and $272 million, respectively, of letters of credit were issued and outstanding under the NRG credit agreement for GenOn. Of this amount, $68 million and $199 million were issued on behalf of GenOn Americas Generation as of March 31, 2017 and December 31, 2016, respectively, which includes $1 million and $128 million issued on behalf of GenOn Mid-Atlantic as of March 31, 2017 and December 31, 2016, respectively. Additionally, as of March 31, 2017, there were $125 million loans outstanding under the secured intercompany revolving credit agreement as further described in Note 6, Debt and Capital Leases. As of December 31, 2016, 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 March 31, 2017, 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 March 31, 2017 and December 31, 2016, GenOn Americas Generation had a net current note receivable — affiliate from GenOn Energy Holdings of $315 million related to its intercompany cash management program. For the three months ended March 31, 2017 and 2016, GenOn Americas Generation earned an insignificant amount of net interest income related to these notes. Additionally, at March 31, 2017 and December 31, 2016, GenOn Americas Generation had an accounts receivable — affiliate of $25 million and an accounts payable — affiliate of $43 million, respectively, with GenOn Energy Holdings. 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 March 31, 2017, GenOn has no net exposure under these arrangements. |
Commitments and Contingencies |
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Mar. 31, 2017 | |
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 14, Commitment and Contingencies, to the Registrants' 2016 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 believe they 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 and was argued before the Fifth Circuit on February 8, 2017. 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, or 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 Ninth Circuit's decision and the U.S. Supreme Court granted the petition. On April 21, 2015, the U.S. 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 U.S. Supreme Court left open whether the claims were preempted on the basis of conflict preemption. The U.S. 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 March 30, 2017, the court denied the plaintiffs' motions for class certification. On April 13, 2017, the plaintiffs petitioned the Ninth Circuit for interlocutory review of the court’s order denying class certification. In May 2016 in one of the Kansas cases, the U.S. District Court for the District of Nevada granted the defendants' motion for summary judgment. Subsequently in December 2016, the plaintiffs filed a notice of appeal with the Ninth Circuit. On March 28, 2017, plaintiffs filed their appellate brief. 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 U.S. Supreme Court denied the petition for a writ of certiorari, thereby ending one of the five lawsuits. 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 facility site, a site where the generation facility 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 facility 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. GenOn Noteholders' Lawsuit — On December 13, 2016, certain indenture trustees for an ad hoc group of holders, or the Noteholders, of the GenOn Energy, Inc. 7.875% Senior Notes due 2017, 9.500% Notes due 2018, and 9.875% Notes due 2020, and the GenOn Americas Generation, LLC 8.50% Senior Notes due 2021 and 9.125% Senior Notes due 2031, along with certain of the Noteholders, filed a complaint in the Superior Court of the State of Delaware against NRG and GenOn alleging certain claims related to a services agreement between NRG and GenOn. Plaintiffs generally seek recovery of all monies paid under the services agreement and any other damages that the court deems appropriate. On February 3, 2017, the court entered an order approving a Standstill Agreement whereby the parties agreed to suspend all deadlines in the case until March 1, 2017. The Standstill Agreement terminated on March 1, 2017. On April 30, 2017, the Noteholders filed an amended complaint that asserts (i) additional fraudulent transfer claims in relation to GenOn’s sale of the Marsh Landing project to NRG Yield LLC, (ii) alleged breaches of fiduciary duty by certain current and former officers and directors of GenOn in relation to the management services agreement and the alleged usurpation of corporate opportunities concerning the Mandalay and Canal projects and (iii) claims against NRG for allegedly aiding and abetting such claimed breaches of fiduciary duties. In addition to NRG and GenOn, the amended complaint names NRG Yield LLC and certain current and former officers and directors of GenOn as defendants. The plaintiffs generally seek recovery of all monies paid under the services agreement and any other damages that the court deems appropriate. On March 31, 2017, NRG and GenOn filed separate motions to dismiss the complaint, but such motions are superseded by the amended complaint. Rice v. NRG — On April 14, 2017, plaintiffs filed a purported class action lawsuit in the U.S. District Court for the Western District of Pennsylvania against NRG, First Energy Corporation and Matt Canastrale Contracting, Inc. Plaintiffs generally claim personal injury, trespass, nuisance and property damage related to the disposal of coal ash from the Elrama Power Plant and First Energy’s Mitchell and Hatfield Power Plants. Plaintiffs generally seek monetary damages, medical monitoring and remediation of their property. |
Regulatory Matters |
3 Months Ended |
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Mar. 31, 2017 | |
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 15, Regulatory Matters, to the Registrants' 2016 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 proceedings 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. National Zero-Emission Credits for Nuclear Plants in Illinois — In 2016, the Illinois legislature approved a Zero Emission Credit, or ZEC, program for selected nuclear units in Illinois. In total, the program directs over $2.5 billion over ten years to nuclear plants in Illinois that would otherwise retire. Pursuant to the legislation, the Illinois Power Agency, or IPA, conducts a competitive solicitation to procure ZECs, although both the Governor of Illinois and Exelon have already announced that the ZECs will be awarded to two Exelon-owned nuclear power plants in Illinois. These ZECs are out-of-market subsidies that threaten to artificially suppress market prices and interfere with the wholesale power market. On February 14, 2017, NRG, along with other companies, filed a complaint in the U.S. District Court for the Northern District of Illinois alleging that the state program is preempted by federal law and in violation of the dormant commerce clause. Another plaintiff group filed a similar complaint on the same day. Subsequently, on March 31, 2017, NRG, along with other companies, filed a motion for preliminary injunction. On April 10, 2017, Exelon, as an intervenor defendant, and State defendants filed motions to dismiss. The motions are pending before the U.S. District Court. Zero-Emission Credits for Nuclear Plants in New York — On August 1, 2016, the NYSPSC issued its Clean Energy Standard, or CES, which provided for ZECs which would provide more than $7.6 billion over 12 years in out-of-market subsidy payments to certain selected nuclear generating units in the state. These ZECs are out-of-market subsidies that threaten to artificially suppress market prices and interfere with the wholesale power market. On October 19, 2016, NRG, along with other companies, filed a complaint in the U.S. District Court for the Southern District of New York, challenging the validity of the NYSPSC action and the ZEC program. On March 29, 2017, the U.S. District Court heard oral arguments on a motion to dismiss filed by defendants. Current Administration and Changeover at FERC — FERC is currently without a quorum and cannot issue orders in contested proceedings until a new Commissioner is appointed. FERC continues to issue orders through authority that was delegated by the full Commission to FERC Staff. The legal validity of these actions has been questioned in connection with several of those orders. With a new administration and three vacant positions at FERC, the Registrants' business may be affected because their generation fleet is subject to changes in FERC regulatory policy. |
Environmental Matters |
3 Months Ended |
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Mar. 31, 2017 | |
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 16, Environmental Matters, to the Registrants' 2016 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. The electric generation industry has been facing requirements regarding GHGs, combustion byproducts, water discharge and use, and threatened and endangered species that have been put in place in recent years. However, under the new U.S. presidential administration some of these rules are being reconsidered and reviewed. 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. Federal and state environmental laws generally have become more stringent over time, although this trend could slow or pause in the near term with respect to federal laws under the new U.S. presidential administration. 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. This rule has been challenged in the D.C. Circuit. 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 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. On April 18, 2017, the EPA asked the D.C. Circuit to postpone oral argument that had been scheduled for May 18, 2017 because the EPA is closely reviewing the supplemental finding to determine whether it should reconsider all or part of the rule. On April 27, 2017, the D.C. Circuit granted EPA’s request to postpone the oral argument and hold the case in abeyance. 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. Effluent Limitations Guidelines — In November 2015, the EPA revised the Effluent Limitations Guidelines for Steam Electric Generating Facilities, which would have imposed more stringent requirements (as individual permits were renewed) for wastewater streams from flue gas desulfurization, fly ash, bottom ash, and flue gas mercury control. The Registrants estimate that it would have cost approximately $41 million over the next five years to comply with this rule at the Registrants' coal-fired plants. In April 2017, the EPA granted two petitions to reconsider the rule and also administratively stayed the deadlines. This regulation also has been challenged. The Registrants expect the legal challenges to be suspended while the EPA reconsiders and likely modifies the rule. Accordingly, the Registrants expect to reduce their estimate of the environmental capital expenditures that would be required to comply with permits issued that incorporate the revised guidelines. The Registrants decide to invest capital for environmental controls based on: the certainty of regulations; evaluation of different technologies; options to convert to gas; and the expected economic returns on the capital. Over the next several years, the Registrants will decide whether to proceed with these investments at each of the plants as permits are renewed based on, among other things, the legal certainty of the regulation and market conditions at that time. 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 their results of operations, financial condition and cash flows and have accrued their environmental and asset retirement obligations under the rule based on current estimates as of March 31, 2017. |
Basis of Presentation Reclassification (Policies) |
3 Months Ended |
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Mar. 31, 2017 | |
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) |
3 Months Ended |
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Mar. 31, 2017 | |
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 (Tables) |
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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 March 31, 2017 and December 31, 2016:
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Fair Value of Financial Instruments (Tables) |
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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 and long-term debt — affiliate 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 March 31, 2017 and December 31, 2016:
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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 months ended March 31, 2017. (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, 2016. (b) Relates to mutual funds held in a rabbi trust for non-qualified deferred compensation plans for certain key and highly compensated employees. |
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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 months ended March 31, 2017 and 2016, 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. |
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Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | GenOn
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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 March 31, 2017 and December 31, 2016:
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Schedule of credit reserves for derivative contract assets | The Registrants' credit reserves were as follows:
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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.
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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
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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 months ended March 31, 2017.
(a) There were no transfers between Levels 1 and 2 during the year ended December 31, 2016. |
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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 months ended March 31, 2017 and 2016, 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. |
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Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | GenOn Americas Generation
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GenOn Mid-Atlantic, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 months ended March 31, 2017.
(a) There were no transfers between Levels 1 and 2 during the year ended December 31, 2016. |
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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 months ended March 31, 2017 and 2016, 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. |
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Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | GenOn Mid-Atlantic
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Accounting for Derivative Instruments and Hedging Activities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 March 31, 2017 and December 31, 2016. 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.
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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
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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
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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
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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
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Offsetting of derivatives by counterparty master agreement level and collateral received or paid | GenOn Americas Generation
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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
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GenOn Mid-Atlantic, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting for Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value within the derivative instrument valuation on the balance sheets | GenOn Mid-Atlantic
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Offsetting of derivatives by counterparty master agreement level and collateral received or paid | GenOn Mid-Atlantic
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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
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Debt and Capital Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) Debt financing liabilities associated with the Long Term Service Agreements for the Choctaw and Hunterstown facilities. |
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Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt including current maturities includes the following premiums:
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Income Taxes (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax (benefit)/provision | GenOn’s income tax expense consisted of the following:
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Related Party Transactions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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
|
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GenOn Mid-Atlantic, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of material related-party transactions with affiliates | GenOn Mid-Atlantic
|
Fair Value of Financial Instruments (Details 3 - Level 3 FV) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017
USD ($)
$ / T
$ / MWh
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
$ / T
$ / MWh
|
Dec. 31, 2015
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 | |||||||||
GenOn Mid-Atlantic, 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 | |||||||||
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | |||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | [1] | (2) | $ (14) | (1) | $ (12) | ||||||
Reconciliation of the beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements | |||||||||||
Total losses included in earnings — realized/unrealized | [1] | (1) | (2) | ||||||||
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 March 31 | [1] | 0 | (6) | ||||||||
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, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | [2] | 1 | 2 | 0 | 1 | ||||||
Reconciliation of the beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements | |||||||||||
Total losses included in earnings — realized/unrealized | [2] | 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 March 31 | [1] | 0 | 0 | ||||||||
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | GenOn Mid-Atlantic, LLC [Member] | |||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | [3] | 1 | 2 | 0 | $ 2 | ||||||
Reconciliation of the beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements | |||||||||||
Total losses included in earnings — realized/unrealized | [3] | 1 | 0 | ||||||||
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 March 31 | [1] | 0 | $ 0 | ||||||||
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 | 3 | 3 | |||||||||
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 | 4 | 5 | |||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Mid-Atlantic, LLC [Member] | |||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 1 | |||||||||
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 | |||||||||
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 | 1 | 0 | |||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Power Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Mid-Atlantic, LLC [Member] | |||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||
Derivative Liability, Fair Value, Gross Liability | 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 | 1 | 1 | |||||||||
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 | 1 | 1 | |||||||||
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 | |||||||||
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 | $ 2 | 4 | |||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Financial Transmission Rights [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Mid-Atlantic, LLC [Member] | |||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||
Derivative Liability, Fair Value, Gross Liability | $ 1 | ||||||||||
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 | 25 | 29 | |||||||||
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 | 25 | 29 | |||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Minimum [Member] | Power Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Mid-Atlantic, LLC [Member] | |||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||
Derivative, Forward Price | $ / MWh | 25 | 29 | |||||||||
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 | 42 | 42 | |||||||||
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 | 42 | 42 | |||||||||
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 | (2) | (2) | |||||||||
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 | 2 | (2) | |||||||||
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 | 41 | 59 | |||||||||
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 | 41 | 59 | |||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Maximum [Member] | Power Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Mid-Atlantic, LLC [Member] | |||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||
Derivative, Forward Price | $ / MWh | 41 | 59 | |||||||||
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 | 48 | 51 | |||||||||
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 | 48 | 51 | |||||||||
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 | 2 | 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 | 2 | 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 | 34 | 43 | |||||||||
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 | 34 | 43 | |||||||||
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Weighted Average [Member] | Power Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | GenOn Mid-Atlantic, LLC [Member] | |||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis, Unobservable Input Changes | |||||||||||
Derivative, Forward Price | $ / MWh | 34 | 43 | |||||||||
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 | 45 | |||||||||
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 | 45 | |||||||||
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 | |||||||||
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 | |||||||||
|
Fair Value of Financial Instruments Fair Value of Financial Instruments (Details 4 - Derivative FV) $ in Millions |
Mar. 31, 2017
USD ($)
$ / T
$ / MWh
|
Dec. 31, 2016
USD ($)
$ / T
$ / MWh
|
---|---|---|
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 79 | |
Derivative Asset, Fair Value Determined Using Valuation Techniques, Percentage | 1.00% | |
Derivative Liability, Fair Value Determined Using Valuation Techniques, Percentage | 4.00% | |
GenOn Americas Generation, LLC [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 77 | |
Derivative Asset, Fair Value Determined Using Valuation Techniques, Percentage | 3.00% | |
Derivative Liability, Fair Value Determined Using Valuation Techniques, Percentage | 3.00% | |
GenOn Mid-Atlantic, LLC [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 0 | |
Derivative Asset, Fair Value Determined Using Valuation Techniques, Percentage | 4.00% | |
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 | 90 | $ 124 |
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 | 2 |
Derivative Liability, Fair Value, Gross Liability | 3 | 3 |
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Commodity contracts | 148 | 214 |
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 | 5 |
Derivative Liability, Fair Value, Gross Liability | 4 | 5 |
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic, LLC [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Commodity contracts | 25 | 48 |
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic, 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 | 1 |
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 | 25 | 29 |
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 | 41 | 59 |
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 | 34 | 43 |
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 | $ 2 | $ 1 |
Derivative Liability, Fair Value, Gross Liability | $ 1 | $ 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 | 25 | 29 |
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 | 41 | 59 |
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 | 34 | 43 |
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic, 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 Mid-Atlantic, LLC [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / MWh | 25 | 29 |
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic, LLC [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / MWh | 41 | 59 |
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic, LLC [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / MWh | 34 | 43 |
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 | $ 1 | $ 1 |
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 | 42 | 42 |
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 | 48 | 51 |
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 | 45 |
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 | $ 1 | $ 1 |
Derivative Liability, Fair Value, Gross Liability | $ 1 | $ 1 |
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 | 42 | 42 |
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 | 48 | 51 |
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 | 45 |
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 | $ 0 | $ 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 | (2) | (2) |
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 | 2 | 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 | 0 |
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 | $ 2 | $ 3 |
Derivative Liability, Fair Value, Gross Liability | $ 2 | $ 4 |
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 | 2 | (2) |
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 | 2 | 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 | 0 |
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Auction Price | $ / MWh | 0 | |
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Auction Price | $ / MWh | 1 | |
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Auction Price | $ / MWh | 0 | |
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic, LLC [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Commodity contracts | $ 0 | |
Derivative Liability, Fair Value, Gross Liability | $ 1 | |
NRG [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 34 | |
NRG [Member] | GenOn Americas Generation, LLC [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 34 |
Fair Value of Financial Instruments (Details 5 - Credit Risk) - USD ($) $ in Millions |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
||||||
Derivative fair value measurements | |||||||
Credit reserve balance | $ 0 | $ 1 | |||||
Concentration of credit risk | |||||||
Counterparty credit exposure | 56 | ||||||
Collateral held (cash and letters of credit) against counterparty credit exposure | 0 | ||||||
Counterparty credit exposure, net | $ 56 | ||||||
Counterparty credit exposure before collateral expected to roll off by the end of 2014 (as a percent) | 95.00% | ||||||
Net exposure (as a percent) | [1],[2] | 100.00% | |||||
Fair Value Inputs, Counterparty Credit Risk | 10.00% | ||||||
Aggregate counterparty credit risk exposure for counterparties representing exposure above threshold percentage | $ 53 | ||||||
Investment grade | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1],[2] | 0.00% | |||||
External Credit Rating Not Rated [Member] | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1],[2] | 0.00% | |||||
Utilities, energy merchants, marketers and other | |||||||
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 | $ 1 | |||||
Concentration of credit risk | |||||||
Counterparty credit exposure | 55 | ||||||
Collateral held (cash and letters of credit) against counterparty credit exposure | 0 | ||||||
Counterparty credit exposure, net | $ 55 | ||||||
Counterparty credit exposure before collateral expected to roll off by the end of 2014 (as a percent) | 95.00% | ||||||
Net exposure (as a percent) | [1],[2] | 100.00% | |||||
Aggregate counterparty credit risk exposure for counterparties representing exposure above threshold percentage | $ 53 | ||||||
GenOn Americas Generation, LLC [Member] | Investment grade | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1],[2] | 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] | Utilities, energy merchants, marketers and other | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1] | 0.00% | |||||
GenOn Mid-Atlantic, LLC [Member] | |||||||
Concentration of credit risk | |||||||
Counterparty credit exposure | $ 0 | ||||||
Net exposure (as a percent) | [1],[2] | 0.00% | |||||
Aggregate counterparty credit risk exposure for counterparties representing exposure above threshold percentage | $ 0 | ||||||
GenOn Mid-Atlantic, LLC [Member] | Investment grade | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1],[2] | 0.00% | |||||
GenOn Mid-Atlantic, LLC [Member] | External Credit Rating Not Rated [Member] | |||||||
Concentration of credit risk | |||||||
Net exposure (as a percent) | [1],[2] | 0.00% | |||||
GenOn Mid-Atlantic, LLC [Member] | Utilities, energy merchants, marketers and other | |||||||
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, $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2017
USD ($)
MWh
MMBTU
T
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
MWh
MMBTU
T
|
|
Derivative | |||
Reversal Previously Unrecognized, Unrealized Gains (Losses) Settled Positions, Economic Hedges | $ (15) | $ 70 | |
GenOn Mid-Atlantic, LLC [Member] | |||
Derivative | |||
Reversal Previously Unrecognized, Unrealized Gains (Losses) Settled Positions, Economic Hedges | 0 | 52 | |
GenOn Americas Generation, LLC [Member] | |||
Derivative | |||
Reversal Previously Unrecognized, Unrealized Gains (Losses) Settled Positions, Economic Hedges | $ (1) | $ 67 | |
Long [Member] | Coal | Short Ton [Member] | |||
Derivative | |||
Derivative, Nonmonetary Notional Amount, Mass | T | 3 | 5 | |
Long [Member] | Coal | Short Ton [Member] | GenOn Mid-Atlantic, LLC [Member] | |||
Derivative | |||
Derivative, Nonmonetary Notional Amount, Mass | T | 1 | 4 | |
Long [Member] | Coal | Short Ton [Member] | GenOn Americas Generation, LLC [Member] | |||
Derivative | |||
Derivative, Nonmonetary Notional Amount, Mass | T | 1 | 4 | |
Long [Member] | Natural Gas [Member] | MMbtu [Member] | |||
Derivative | |||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 114 | 138 | |
Long [Member] | Natural Gas [Member] | MMbtu [Member] | GenOn Mid-Atlantic, LLC [Member] | |||
Derivative | |||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 20 | 23 | |
Long [Member] | Natural Gas [Member] | MMbtu [Member] | GenOn Americas Generation, LLC [Member] | |||
Derivative | |||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 24 | 30 | |
Short [Member] | Power [Member] | MWh [Member] | |||
Derivative | |||
Derivative, Nonmonetary Notional Amount, Energy Measure | MWh | 26 | 35 | |
Short [Member] | Power [Member] | MWh [Member] | GenOn Mid-Atlantic, LLC [Member] | |||
Derivative | |||
Derivative, Nonmonetary Notional Amount, Energy Measure | MWh | 8 | 11 | |
Short [Member] | Power [Member] | MWh [Member] | GenOn Americas Generation, LLC [Member] | |||
Derivative | |||
Derivative, Nonmonetary Notional Amount, Energy Measure | MWh | 8 | 12 | |
Commodity Contract [Member] | Affiliated Entity [Member] | |||
Derivative | |||
Commodity contracts | $ 24 | $ 54 | |
Commodity Contract [Member] | Affiliated Entity [Member] | GenOn Mid-Atlantic, LLC [Member] | |||
Derivative | |||
Commodity contracts | 25 | 48 | |
Commodity Contract [Member] | Affiliated Entity [Member] | GenOn Americas Generation, LLC [Member] | |||
Derivative | |||
Commodity contracts | $ 82 | $ 144 |
Accounting for Derivative Instruments and Hedging Activities Disclosure Accounting for Derivative Instruments and Hedging Activities (Details 2 - FV of Derivatives) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Not Designated as Hedging Instrument [Member] | ||
Derivative | ||
Commodity contracts | $ 90 | $ 124 |
Derivative Liability, Fair Value, Gross Liability | 75 | 122 |
GenOn Mid-Atlantic, LLC [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative | ||
Commodity contracts | 25 | 48 |
Derivative Liability, Fair Value, Gross Liability | 30 | 46 |
GenOn Americas Generation, LLC [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative | ||
Commodity contracts | 148 | 214 |
Derivative Liability, Fair Value, Gross Liability | 157 | 217 |
Commodity Contract Current [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative | ||
Commodity contracts | 59 | 108 |
Derivative Liability, Fair Value, Gross Liability | 57 | 105 |
Commodity Contract Current [Member] | GenOn Mid-Atlantic, LLC [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative | ||
Commodity contracts | 21 | 44 |
Derivative Liability, Fair Value, Gross Liability | 28 | 44 |
Commodity Contract Current [Member] | GenOn Americas Generation, LLC [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative | ||
Commodity contracts | 97 | 180 |
Derivative Liability, Fair Value, Gross Liability | 108 | 185 |
Commodity Contract Non Current [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative | ||
Commodity contracts | 31 | 16 |
Derivative Liability, Fair Value, Gross Liability | 18 | 17 |
Commodity Contract Non Current [Member] | GenOn Mid-Atlantic, LLC [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative | ||
Commodity contracts | 4 | 4 |
Derivative Liability, Fair Value, Gross Liability | 2 | 2 |
Commodity Contract Non Current [Member] | GenOn Americas Generation, LLC [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative | ||
Commodity contracts | 51 | 34 |
Derivative Liability, Fair Value, Gross Liability | 49 | 32 |
Affiliated Entity [Member] | Commodity Contract [Member] | ||
Derivative | ||
Commodity contracts | 24 | 54 |
Derivative Liability, Fair Value, Gross Liability | 26 | 66 |
Affiliated Entity [Member] | Commodity Contract [Member] | GenOn Mid-Atlantic, LLC [Member] | ||
Derivative | ||
Commodity contracts | 25 | 48 |
Derivative Liability, Fair Value, Gross Liability | 30 | 46 |
Affiliated Entity [Member] | Commodity Contract [Member] | GenOn Americas Generation, LLC [Member] | ||
Derivative | ||
Commodity contracts | 82 | 144 |
Derivative Liability, Fair Value, Gross Liability | $ 108 | $ 161 |
Accounting for Derivative Instruments and Hedging Activities (Details 3 - Offsetting Derivatives) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Fair Value of Derivative Instruments/Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Derivative, Collateral, Right to Reclaim Cash | $ 79 | |
Gross Amounts of Recognized Assets / Liabilities | 15 | $ 2 |
Derivative Instruments | 0 | 0 |
Cash Collateral (Held) / Posted | 5 | 13 |
Net Amount | 20 | 15 |
GenOn Mid-Atlantic, LLC [Member] | ||
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, LLC [Member] | 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 | (5) | 2 |
Derivative Instruments | 0 | 0 |
Cash Collateral (Held) / Posted | 0 | 0 |
Net Amount | (5) | 2 |
GenOn Americas Generation, LLC [Member] | ||
Fair Value of Derivative Instruments/Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Derivative, Collateral, Right to Reclaim Cash | 77 | |
Gross Amounts of Recognized Assets / Liabilities | (9) | (3) |
Derivative Instruments | 0 | 0 |
Cash Collateral (Held) / Posted | 5 | 13 |
Net Amount | (4) | 10 |
Non-affiliate | ||
Fair Value of Derivative Instruments/Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Derivative, Collateral, Right to Reclaim Cash | 45 | 53 |
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 | 66 | 70 |
Gross Amounts of Recognized Derivative Liabilities | (49) | (56) |
Derivative Instruments | (30) | (39) |
Derivative Instruments | 30 | 39 |
Cash Collateral (Held) | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 3 | 1 |
Net Amount | 36 | 31 |
Net Amount | (16) | (16) |
Non-affiliate | GenOn Americas Generation, LLC [Member] | ||
Fair Value of Derivative Instruments/Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Derivative, Collateral, Right to Reclaim Cash | 43 | 51 |
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 | 66 | 70 |
Gross Amounts of Recognized Derivative Liabilities | (49) | (56) |
Derivative Instruments | (30) | (39) |
Derivative Instruments | 30 | 39 |
Cash Collateral (Held) | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 3 | 1 |
Net Amount | 36 | 31 |
Net Amount | (16) | (16) |
Affiliated Entity [Member] | ||
Fair Value of Derivative Instruments/Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Derivative, Collateral, Right to Reclaim Cash | 34 | 79 |
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 | 24 | 54 |
Gross Amounts of Recognized Derivative Liabilities | (26) | (66) |
Derivative Instruments | (24) | (54) |
Derivative Instruments | 24 | 54 |
Cash Collateral (Held) | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 2 | 12 |
Net Amount | 0 | 0 |
Net Amount | 0 | 0 |
Affiliated Entity [Member] | GenOn Mid-Atlantic, 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 | 25 | 48 |
Gross Amounts of Recognized Derivative Liabilities | (30) | (46) |
Derivative Instruments | (25) | (46) |
Derivative Instruments | 25 | 46 |
Cash Collateral (Held) | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Net Amount | 0 | 2 |
Net Amount | (5) | 0 |
Affiliated Entity [Member] | GenOn Americas Generation, LLC [Member] | ||
Fair Value of Derivative Instruments/Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Derivative, Collateral, Right to Reclaim Cash | 34 | 79 |
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 | 82 | 144 |
Gross Amounts of Recognized Derivative Liabilities | (108) | (161) |
Derivative Instruments | (82) | (144) |
Derivative Instruments | 82 | 144 |
Cash Collateral (Held) | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 2 | 12 |
Net Amount | 0 | 0 |
Net Amount | $ (24) | $ (5) |
Accounting for Derivative Instruments and Hedging Activities (Details 4 - Mark to market) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Unrealized mark-to-market results | |||
Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges | $ 15 | $ (70) | |
Net unrealized (losses)/gains on open positions related to economic hedges | (3) | 44 | |
Total impact to statement of operations | 12 | (26) | |
Impact of derivative instruments to statement of operations | |||
Total impact to statement of operations | 12 | (26) | |
Credit Risk Related Contingent Features | |||
Collateral required for contracts with adequate assurance clauses in net liability positions | 3 | ||
Collateral required for contracts with credit rating contingent features in net liability position | 0 | ||
Collateral due on net liability position that has not been called by a certain marginable agreement counterparty | 0 | ||
Gains (losses) included in operating revenues | |||
Unrealized mark-to-market results | |||
Total impact to statement of operations | 10 | (27) | |
Impact of derivative instruments to statement of operations | |||
Total impact to statement of operations | 10 | (27) | |
Gains (losses) included in cost of operations | |||
Unrealized mark-to-market results | |||
Total impact to statement of operations | 2 | 1 | |
Impact of derivative instruments to statement of operations | |||
Total impact to statement of operations | 2 | 1 | |
GenOn Mid-Atlantic, LLC [Member] | |||
Unrealized mark-to-market results | |||
Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges | 0 | (52) | |
Net unrealized (losses)/gains on open positions related to economic hedges | (7) | 12 | |
Total impact to statement of operations | (7) | (40) | |
Impact of derivative instruments to statement of operations | |||
Total impact to statement of operations | (7) | (40) | |
GenOn Mid-Atlantic, LLC [Member] | Gains (losses) included in operating revenues | |||
Unrealized mark-to-market results | |||
Total impact to statement of operations | (3) | (36) | |
Impact of derivative instruments to statement of operations | |||
Total impact to statement of operations | (3) | (36) | |
GenOn Mid-Atlantic, LLC [Member] | Gains (losses) included in cost of operations | |||
Unrealized mark-to-market results | |||
Total impact to statement of operations | (4) | (4) | |
Impact of derivative instruments to statement of operations | |||
Total impact to statement of operations | (4) | (4) | |
GenOn Americas Generation, LLC [Member] | |||
Unrealized mark-to-market results | |||
Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges | 1 | (67) | |
Net unrealized (losses)/gains on open positions related to economic hedges | (6) | 13 | |
Total impact to statement of operations | (5) | (54) | |
Impact of derivative instruments to statement of operations | |||
Total impact to statement of operations | (5) | (54) | |
Credit Risk Related Contingent Features | |||
Collateral required for contracts with adequate assurance clauses in net liability positions | 3 | ||
Collateral required for contracts with credit rating contingent features in net liability position | 0 | ||
Collateral due on net liability position that has not been called by a certain marginable agreement counterparty | 0 | ||
GenOn Americas Generation, LLC [Member] | Gains (losses) included in operating revenues | |||
Unrealized mark-to-market results | |||
Total impact to statement of operations | (8) | (56) | |
Impact of derivative instruments to statement of operations | |||
Total impact to statement of operations | (8) | (56) | |
GenOn Americas Generation, LLC [Member] | Gains (losses) included in cost of operations | |||
Unrealized mark-to-market results | |||
Total impact to statement of operations | 3 | 2 | |
Impact of derivative instruments to statement of operations | |||
Total impact to statement of operations | 3 | $ 2 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative | |||
Commodity contracts | 90 | $ 124 | |
Not Designated as Hedging Instrument [Member] | GenOn Mid-Atlantic, LLC [Member] | |||
Derivative | |||
Commodity contracts | 25 | 48 | |
Not Designated as Hedging Instrument [Member] | GenOn Americas Generation, LLC [Member] | |||
Derivative | |||
Commodity contracts | 148 | 214 | |
Not Designated as Hedging Instrument [Member] | Commodity Contract Current [Member] | |||
Derivative | |||
Commodity contracts | 59 | 108 | |
Not Designated as Hedging Instrument [Member] | Commodity Contract Current [Member] | GenOn Mid-Atlantic, LLC [Member] | |||
Derivative | |||
Commodity contracts | 21 | 44 | |
Not Designated as Hedging Instrument [Member] | Commodity Contract Current [Member] | GenOn Americas Generation, LLC [Member] | |||
Derivative | |||
Commodity contracts | $ 97 | $ 180 |
Debt and Capital Leases (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Jan. 27, 2017 |
Dec. 31, 2016 |
||
---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||
Debt and Capital Lease Obligations | $ 2,739 | $ 2,754 | |||
Current portion of long-term debt and capital leases | 700 | 704 | |||
Long-term debt and capital leases | 2,039 | 2,050 | |||
Debt Instrument, Unamortized Discount (Premium), Net | 117 | 131 | |||
GenOn Mid-Atlantic, LLC [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 130 | ||||
Debt Instrument, Fee Amount | $ 1 | ||||
GenOn Americas Generation, LLC [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt and Capital Lease Obligations | 743 | 745 | |||
Debt Instrument, Unamortized Premium | 48 | 50 | |||
Long-term debt and capital leases | 743 | 745 | |||
GenOn Energy [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt and Capital Lease Obligations | 1,996 | 2,009 | |||
Debt Instrument, Unamortized Premium | 69 | 81 | |||
Intercompany Credit Agreement [Member] | Letter of Credit [Member] | NRG Energy [Member] | GenOn Mid-Atlantic, LLC [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Additional Borrowings | 125 | ||||
Senior Notes [Member] | GenOn Americas Generation, LLC [Member] | Senior Unsecured Notes 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt and Capital Lease Obligations | $ 366 | 366 | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | ||||
Debt Instrument, Unamortized Discount (Premium), Net | $ (25) | (26) | |||
Senior Notes [Member] | GenOn Americas Generation, LLC [Member] | Senior Unsecured Notes 2031 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt and Capital Lease Obligations | $ 329 | 329 | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.125% | ||||
Debt Instrument, Unamortized Discount (Premium), Net | $ (23) | (24) | |||
Senior Notes [Member] | GenOn Energy [Member] | Senior Unsecured Notes 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt and Capital Lease Obligations | $ 691 | 691 | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | ||||
Debt Instrument, Unamortized Discount (Premium), Net | $ (4) | (8) | |||
Senior Notes [Member] | GenOn Energy [Member] | Senior Unsecured Notes 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt and Capital Lease Obligations | $ 649 | 649 | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | ||||
Debt Instrument, Unamortized Discount (Premium), Net | $ (33) | (38) | |||
Senior Notes [Member] | GenOn Energy [Member] | Senior Unsecured Notes 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt and Capital Lease Obligations | $ 490 | 490 | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.875% | ||||
Debt Instrument, Unamortized Discount (Premium), Net | $ (32) | (35) | |||
Other Debt Obligations [Member] | GenOn Energy [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt and Capital Lease Obligations | [1] | 95 | 96 | ||
Capital Lease Obligations [Member] | GenOn Energy [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt and Capital Lease Obligations | $ 2 | $ 2 | |||
|
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Income tax provision | |||
Income before income taxes | $ (36) | $ 100 | |
Income tax expense/(benefit) | $ 1 | $ (1) | |
Effective tax rate | (2.80%) | (1.00%) | |
Statutory tax rate (as a percent) | 35.00% | 35.00% | |
GenOn Mid-Atlantic, LLC [Member] | |||
Income tax provision | |||
Income before income taxes | $ (11) | $ 43 | |
Income tax expense/(benefit) | 0 | 0 | |
Deferred Tax Assets, Valuation Allowance | 0 | $ 0 | |
GenOn Americas Generation, LLC [Member] | |||
Income tax provision | |||
Income before income taxes | (15) | 58 | |
Income tax expense/(benefit) | 0 | 0 | |
Pro Forma | GenOn Mid-Atlantic, LLC [Member] | |||
Income tax provision | |||
Income tax expense/(benefit) | 0 | 18 | |
Pro Forma | GenOn Americas Generation, LLC [Member] | |||
Income tax provision | |||
Income tax expense/(benefit) | $ 0 | $ 0 |
Related Party Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Affiliated Entity [Member] | ||||
Related Party Transaction | ||||
Selling, General and Administrative Expense | $ 46 | $ 46 | ||
GenOn Mid-Atlantic, LLC [Member] | Genon [Member] | ||||
Related Party Transaction | ||||
Affiliate cost recorded in cost of operations | 21 | 16 | ||
GenOn Mid-Atlantic, LLC [Member] | Affiliated Entity [Member] | ||||
Related Party Transaction | ||||
Selling, General and Administrative Expense | 20 | 15 | ||
GenOn Americas Generation, LLC [Member] | Genon [Member] | ||||
Related Party Transaction | ||||
Affiliate cost recorded in cost of operations | 25 | 22 | ||
GenOn Americas Generation, LLC [Member] | Affiliated Entity [Member] | ||||
Related Party Transaction | ||||
Notes Receivable, Related Parties, Current | 315 | $ 315 | ||
Selling, General and Administrative Expense | 25 | 21 | ||
GenOn Americas Generation, LLC [Member] | GenOn Energy Holdings [Member] | ||||
Related Party Transaction | ||||
Due to Affiliate, Current | 25 | 43 | ||
Notes Receivable, Related Parties, Current | 315 | $ 315 | ||
Allocated cost of operations [Member] | GenOn Mid-Atlantic, LLC [Member] | Genon [Member] | ||||
Related Party Transaction | ||||
Affiliate cost recorded in cost of operations | 1 | 1 | ||
Allocated cost of operations [Member] | GenOn Americas Generation, LLC [Member] | Genon [Member] | ||||
Related Party Transaction | ||||
Affiliate cost recorded in cost of operations | $ 0 | $ 1 | ||
Scenario, Forecast [Member] | NRG Energy [Member] | ||||
Related Party Transaction | ||||
Service Management Costs | $ 193 |
Related Party Transactions Related Party Transactions (Details 2) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
Dec. 14, 2012 |
|
Related Party Transaction | ||||
Counterparty credit exposure, net | $ 56 | |||
NRG Energy [Member] | ||||
Related Party Transaction | ||||
Counterparty credit exposure, net | 0 | |||
Affiliated Entity [Member] | ||||
Related Party Transaction | ||||
Selling, General and Administrative Expense | 46 | $ 46 | ||
GenOn Americas Generation, LLC [Member] | ||||
Related Party Transaction | ||||
Counterparty credit exposure, net | 55 | |||
GenOn Americas Generation, LLC [Member] | Genon [Member] | ||||
Related Party Transaction | ||||
Affiliate cost recorded in cost of operations | 25 | 22 | ||
GenOn Americas Generation, LLC [Member] | Affiliated Entity [Member] | ||||
Related Party Transaction | ||||
Notes Receivable, Related Parties, Current | 315 | $ 315 | ||
Selling, General and Administrative Expense | 25 | 21 | ||
GenOn Americas Generation, LLC [Member] | GenOn Energy Holdings [Member] | ||||
Related Party Transaction | ||||
Notes Receivable, Related Parties, Current | 315 | 315 | ||
Due from Affiliate, Current | 25 | |||
Due to Affiliate, Current | 25 | 43 | ||
Interest Income, Related Party | 0 | 0 | ||
GenOn Mid-Atlantic, LLC [Member] | Genon [Member] | ||||
Related Party Transaction | ||||
Affiliate cost recorded in cost of operations | 21 | 16 | ||
GenOn Mid-Atlantic, LLC [Member] | Affiliated Entity [Member] | ||||
Related Party Transaction | ||||
Selling, General and Administrative Expense | 20 | 15 | ||
Intercompany Credit Agreement [Member] | ||||
Related Party Transaction | ||||
Long-term Line of Credit | 125 | 0 | ||
Intercompany Credit Agreement [Member] | NRG Energy [Member] | ||||
Related Party Transaction | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | |||
Letter of Credit [Member] | Intercompany Credit Agreement [Member] | NRG Energy [Member] | ||||
Related Party Transaction | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 500 | |||
Letters of Credit Outstanding, Amount | $ 161 | 272 | ||
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 [Member] | ||||
Related Party Transaction | ||||
Letters of Credit Outstanding, Amount | $ 68 | 199 | ||
Letter of Credit [Member] | Intercompany Credit Agreement [Member] | GenOn Mid-Atlantic, LLC [Member] | NRG Energy [Member] | ||||
Related Party Transaction | ||||
Letters of Credit Outstanding, Amount | 1 | $ 128 | ||
Long-term Line of Credit | 125 | |||
Allocated cost of operations [Member] | GenOn Americas Generation, LLC [Member] | Genon [Member] | ||||
Related Party Transaction | ||||
Affiliate cost recorded in cost of operations | 0 | 1 | ||
Allocated cost of operations [Member] | GenOn Mid-Atlantic, LLC [Member] | Genon [Member] | ||||
Related Party Transaction | ||||
Affiliate cost recorded in cost of operations | $ 1 | $ 1 |
Commitments and Contingencies (Details) - Chapter Eleven Proceedings - Bankruptcy - shares |
Mar. 31, 2017 |
Dec. 14, 2012 |
Dec. 02, 2010 |
---|---|---|---|
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 |
Regulatory Matters Regulatory Matters (Details) - USD ($) $ in Billions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Regulatory Matters [Line Items] | ||
Out-of-market subsidy payments | $ 7.6 | |
Out of Market Subsidy Payment term | 12 years | |
Regulatory payments sought | $ 2.5 |
Environmental Matters (Details) $ in Millions |
Mar. 31, 2017
USD ($)
|
---|---|
Environmental Matters Disclosure | |
Amount of Regulatory Costs Not yet Approved | $ 41 |
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