> l \pThe Free Software Foundation B=PF0*8X@"1 Helvetica1Courier1Courier New1Courier New1 Helvetica$#,##0_);($#,##0)$#,##0_);[Red]($#,##0)$#,##0.00_);($#,##0.00)$#,##0.00_);[Red]($#,##0.00)**_($* #,##0_);_($* (#,##0);_($* ""_);_(@_)*)'_(* #,##0_);_(* (#,##0);_(* ""_);_(@_)5,2_($* #,##0.00_);_($* (#,##0.00);_($* ""??_);_(@_)2+/_(* #,##0.00_);_(* (#,##0.00);_(* ""??_);_(@_)2$#,##0.00;[Red]$#,##0.003$#,##0.00;[Red]($#,##0.00)4$#,##0;[Red]($#,##00)50.00%;[Red](0.00%)60%;[Red](0%)7#,##0.00;[Red](#,##0.00)8#,##0;[Red](#,##0) + ) , * Ј ~~ ؈ ~~#؈ ~~ ؈ ~~8#܈ ~~9#܈ ~~4#܈ ~~3#܈ ~~7#܈ ~~83ffff̙̙3f3fff3f3f33333f33FORM 10QNRG Energy IncCRESULTS OF OPERATIONS\GLOSSARY OF TERMS1GLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)\GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)&*CONDENSED CONSOLIDATED STATEMEN&_fCONDENSED CONSOLIDATED STAT (1)&CONDENSED CONSOLIDATED BALANCE &!CONDENSED CONSOLIDATED STAT (2)&Other Balance Sheet Information>Restricted Cash(Noncontrolling Interest&BRedeemable Noncontrolling InterZDisaggregated Revenues!ωDisaggregated Revenues (1)Contract BalancesPCarlsbadECarlsbad (1)GenOn&K0Fair Value of Financial Instrum&,HFair Value of Financial Ins (1)&^Recurring Fair Value Measuremen&ӄRecurring Fair Value Measur (1)&qRecurring Fair Value Measur (2)&Recurring Fair Value Measur (3)&Derivative Fair Value Measureme&eDerivative Fair Value Measu (1)&D"Derivative Fair Value Measu (2)8Counterparty Credit Risk#MCounterparty Credit Risk (1):bRegulated OperationshRegulated Operations (1)&Volumetric Underlying Derivativ&۳Fair Value of Derivative Instru&_Fair Value of Derivative In (1)&Fair Value of Derivative In (2)&T Accumulated Other Comprehensive&_$Impact of Derivative Instrument&tCImpact of Derivative Instru (1)]Debt and Capital Leases
Senior Note Repurchases&zSummary of Significant Accounti&xNote 10 Changes in Capital StruShare Repurchases%zNote 11 EarningsLoss Per Share%Note 11 EarningsLoss Per S (1)&3Acquisitions Discontinued Opera&U;Acquisitions Discontinued O (1)&ZAcquisitions Discontinued O (2)&}Acquisitions Discontinued O (3)Effective Tax Rate"Debt and Capital Leases (1)&GFor the three months ended Sept&For the nine months ended Septe&GFor the three months ended (1)&
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FORM 10QRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }2}$ }
NRG ENERGY, INC.10Q
11/08/2018NRG Energy, Inc.
Delaware
411724239$(State or other jurisdiction(I.R.S. Employer)!of incorporation or organization)Identification No.)
2*804 Carnegie Center, Princeton, New Jersey~
r0((Address of principal executive offices)
(Zip Code)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.~rfBd@Z=PF0*8X>
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FORM 10QNRG Energy IncGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }$4}
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NRG ENERGY, INC.10Q
11/08/2018RESULTS OF OPERATIONS .
&CAUTIONARY STATEMENT REGARDING FORWARD~
LOOKING INFORMATIONGLOSSARY OF TERMS~
&
PART I  FINANCIAL INFORMATION~
*1)ITEM 1  CONDENSED CONSOLIDATED FINANCIAL~
*STATEMENTS AND NOTES,$ITEM 2  MANAGEMENT?S DISCUSSION AND~
3+ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS%ITEM 3  QUANTITATIVE AND QUALITATIVE~
%DISCLOSURES ABOUT MARKET RISK( ITEM 4  CONTROLS AND PROCEDURES~
#PART II  OTHER INFORMATION~
"ITEM 1  LEGAL PROCEEDINGS~
ITEM 1A  RISK FACTORS~
%ITEM 2  UNREGISTERED SALES OF EQUITY~
&SECURITIES AND USE OF PROCEEDS0(ITEM 3  DEFAULTS UPON SENIOR SECURITIES~
( ITEM 4  MINE SAFETY DISCLOSURES~
"ITEM 5  OTHER INFORMATION~
ITEM 6  EXHIBITS~
SIGNATURES~
DlymaI D$W.[vB !"#$ !$"____________________________1#)Created by Morningstar Document Research.0$(http://documentresearch.morningstar.com/
P=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }U}$ }>
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NRG ENERGY, INC.10Q
11/08/2018GLOSSARY OF TERMS
2017 Form 10K
0
(NRG?s Annual Report on Form 10K for the$year ended December 31, 20172023 Term Loan Facility5The Company's $1.9 billion term loan facility
2
*due 2023, a component of the Senior CreditFacilityAdjusted EBITDA1)Adjusted earnings before interest, taxes,%depreciation and amortizationARO#Asset Retirement ObligationASC3+The FASB Accounting Standards Codification,0(which the FASB established as the sourceof authoritative GAAPASU.&Accounting Standards Updates  updates
to the ASCAverage realized prices%Volumeweighted average power prices,0(net of average fuel costs and reflecting$the impact of settled hedgesBACT)!Best Available Control TechnologyBankruptcy Code2*Chapter 11 of Title 11 the U.S. BankruptcyCodeBankruptcy Court.&United States Bankruptcy Court for the4,Southern District of Texas, Houston DivisionBETM/'Boston Energy Trading and Marketing LLCD l}qeA?i(H4_ !"#$%&'()*+,./0123456789:;<=>? BTU British Thermal Unit!Business Solutions!!%NRG's business solutions group, which""2"*includes demand response, commodity sales,##/#'energy efficiency and energy management$$$services%CAA%%
Clean Air Act&CAIR&!&Clean Air Interstate Rule
'CAISO'.'&California Independent System Operator(Carlsbad(.(&Collectively, Carlsbad Energy Holdings))*)"LLC and Carlsbad Energy Center LLC
*CASPR*5*Competitive Auctions with Sponsored Resources+CDD++Cooling Degree Day,CDWR,0,(California Department of Water ResourcesCEC$California Energy Commission.CenterPoint.,.$CenterPoint Energy Houston Electric,///LLC0CFTC010)U.S. Commodity Futures Trading Commission1Chapter 11 Cases1.1&Voluntary cases commenced by the GenOn2212)Entities under the Bankruptcy Code in the333Bankruptcy Court4C&I4<44Commercial industrial and governmental/institutional
5Cleco55Cleco Energy LLC6COD6!6Commercial Operation Date
7ComEd77Commonwealth Edison8Company88NRG Energy, Inc.9CPUC9.9&California Public Utilities Commission
:CSAPR:&:CrossState Air Pollution Rule;CVSR;%;California Valley Solar Ranch<CWA<<Clean Water Act=D.C. Circuit=1=)U.S. Court of Appeals for the District of>>>Columbia Circuit?Distributed Solar?0?(Solar power projects that primarily sellDDljq0Ij'\&q6\&@ABCDEFGHIJKLM@@0@(power to customers for usage on site, orAA/A'are interconnected to sell power into aBBBlocal distribution grid
CDNRECC0C(Delaware Department of Natural ResourcesDD!Dand Environmental ControlEDSIEEDry Sorbent InjectionFEconomic gross marginF0F(Sum of energy revenue, capacity revenue,GG.G&retail revenue and other revenue, lessHHH%cost of fuels and other cost of salesIJ$K____________________________1L)Created by Morningstar Document Research.0M(http://documentresearch.morningstar.com/ Qi.dpdX0=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }0.}$ }=
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NRG ENERGY, INC.10Q
11/08/2018GLOSSARY OF TERMS
El Segundo Energy Center
0
(NRG West Holdings LLC, the subsidiary of.&Natural Gas Repowering LLC, which owns,$the El Segundo Energy Center project
EME
Edison Mission EnergyEnergy Plus Holdings Energy Plus Holdings LLCEPA,$U.S. Environmental Protection AgencyEPC1)Engineering, Procurement and ConstructionEPSA%The Electric Power Supply Association
ERCOT.&Electric Reliability Council of Texas,/'the Independent System Operator and the/'regional reliability coordinator of the0(various electricity systems within TexasESP"Electrostatic PrecipitatorESPP6.NRG Energy, Inc. Amended and Restated EmployeeStock Purchase PlanESPS%Existing Source Performance StandardsExchange Act/'The Securities Exchange Act of 1934, asamendedFASB,$Financial Accounting Standards BoardFERC,$Federal Energy Regulatory CommissionFGD Flue gas desulfurizationFresh Start5Reporting requirements as defined by ASC852,D l}qeAKt$=e4 q !"#$%&'()*+,./0123456789:;<=>? Reorganizations!FTRs!%!Financial Transmission Rights"GAAP"0"(Accounting principles generally accepted###in the U.S.$GenConn$$GenConn Energy LLC
%GenOn%%GenOn Energy, Inc.!&GenOn Americas Generation&&&GenOn Americas Generation, LLC.'&GenOn Americas Generation Senior Notes'0'(GenOn Americas Generation's $395 million((5(outstanding unsecured senior notes consisting))0)(of $208 million of 8.5% senior notes due**4*,2021 and $187 million of 9.125% senior notes+++due 2031,GenOn Entities,;,3GenOn and certain of its wholly owned subsidiaries,,$including GenOn Americas Generation...1.)that filed voluntary petitions for relief////'under Chapter 11 of the Bankruptcy Code0000(in the Bankruptcy Court on June 14, 20171GenOn MidAtlantic111)GenOn MidAtlantic, LLC and, except where22:22the context indicates otherwise, its subsidiaries,33/3'which include the coal generation units4444,at two generating facilities under operating555leases6GenOn Senior Notes626*GenOn's $1.8 billion outstanding unsecured77/7'senior notes consisting of $691 million8858of 7.875% senior notes due 2017, $649 million9979/of 9.5% senior notes due 2018, and $489 million::':of 9.875% senior notes due 2020;GenOn Settlement;6;.A settlement agreement and any other documents<<.<&necessary to effectuate the settlement==0=(among NRG, GenOn, and certain holders of>>0>(senior unsecured notes of GenOn Americas??4?,Generation and GenOn, and certain of GenOn'sDl8 6s'Ffe@Qb@ABCDEFGHIJKLMNOPQRSTUVWX@@(@ direct and indirect subsidiariesAGHGAAGreenhouse GasBGIPB&BGlobal Infrastructure Partners
CGWCCGigawattDGWhDD
Gigawatt HourEHAPEEHazardous Air PollutantFHDDFFHeating Degree DayG Heat RateG0G(A measure of thermal efficiency computedHH0H(by dividing the total BTU content of theII4I,fuel burned by the resulting kWhs generated.JJ3J+Heat rates can be expressed as either grossKK0K(or net heat rates, depending whether theLL/L'electricity output measured is gross orMM1M)net generation and is generally expressedNNNas BTU per net kWhOHLBVO.O&Hypothetical Liquidation at Book ValuePIASBP0P(International Accounting Standards BoardQIFRSQ3Q+International Financial Reporting StandardsRIPARRIllinois Power Agency
SIPPNYS/S'Independent Power Producers of New YorkTU$V____________________________1W)Created by Morningstar Document Research.0X(http://documentresearch.morningstar.com/6Bix)EqzR=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }m)}$ }:
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NRG ENERGY, INC.10Q
11/08/2018GLOSSARY OF TERMS
ISO
2
*Independent System Operator, also referred
to as RTOsISONEISO New England Inc.
ITC
Investment Tax CreditkWh
Kilowatthour
LaGen!Louisiana Generating, LLC
LIBOR&London InterBank Offered Rate
LTIPs4,Collectively, the NRG LTIP and the NRG GenOnLTIP
Marsh Landing.&NRG Marsh Landing, LLC (formerly known$as GenOn Marsh Landing, LLC)Mass Market2*Residential and small commercial customersMATS4,Mercury and Air Toxics Standards promulgated
by the EPAMDthThousand DekathermsMidwest GenerationMidwest Generation, LLCMISO1)Midcontinent Independent System Operator,Inc.
MMBtu%Million British Thermal UnitsMOPR Minimum Offer Price Rule
MW MegawattsMWh80Saleable megawatt hour net of internal/parasiticDl}qeAH6waU !"#$%&'()*+,./0123456789:;<=>? load megawatthour!MWt!$!Megawatts Thermal Equivalent
"NAAQS"."&National Ambient Air Quality Standards
#NEPGA#0#(New England Power Generators Association$NEPOOL$$New England Power Pool%NERC%7%/North American Electric Reliability Corporation&Net Exposure&0&(Counterparty credit exposure to NRG, net'''
of collateral(Net Generation(/('The net amount of electricity produced,))4),expressed in kWhs or MWhs, that is the total**/*'amount of electricity generated (gross)++3++minus the amount of electricity used during,,,
generationNOLNet Operating Loss.NOV..Notice of Violation/NO x//Nitrogen Oxides
0NPDES000(National Pollutant Discharge Elimination111System2NPNS2#2Normal Purchase Normal Sale3NRC3*3"U.S. Nuclear Regulatory Commission4NRG44NRG Energy, Inc.5NRG Yield, Inc.505(NRG Yield, Inc., which changed it's name66.6&to Clearway Energy, Inc. following the7737+sale by NRG of NRG Yield and the Renewables888Platform to GIP9NSR99New Source Review*:"Nuclear Decommissioning Trust Fund:0:(NRG's nuclear decommissioning trust fund;;3;+assets, which are for the Company's portion<<0<(of the decommissioning of the STP, units==
=1 & 2>NYAG>4>,State of New York Office of Attorney General
?NYISO?,?$New York Independent System OperatorDDl8PnV[1nzGR@ABCDEFGHIJKLMNOP
@NYMEX@$@New York Mercantile ExchangeANYSPSCA0A(New York State Public Service CommissionBOCI/OCLB)B!Other Comprehensive Income/(Loss)CPeakingC5CUnits expected to satisfy demand requirementsDD3D+during the periods of greatest or peak loadEEE
on the systemFPERFFPeak Energy RentG
Petition DateGG
June 14, 2017HPipelineH0H(Projects that range from identified leadII4I,to shortlisted with an offtake and representJJJ%a lower level of execution certainty.KPJMK KPJM Interconnection, LLCLM$N____________________________1O)Created by Morningstar Document Research.0P(http://documentresearch.morningstar.com/&Y@ivE,d=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }%}$ }8
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NRG ENERGY, INC.10Q
11/08/2018GLOSSARY OF TERMS
PML
NRG Power Marketing LLCPPA Power Purchase AgreementPSD/'Prevention of Significant Deterioration
PTC
Production Tax CreditPUCT*"Public Utility Commission of Texas
PUHCA2*Public Utility Holding Company Act of 2005RCRA.&Resource Conservation and Recovery Actof 1976REMA2*NRG REMA LLC, which leases a 100% interest0(in the Shawville generating facility and1)16.7% and 16.5% interests in the Keystone,$and Conemaugh generating facilities,respectively
Renewables3+Consists of the following projects retained1)by NRG: Agua, Ivanpah, Guam, NFL stadiumsRenewables Platform/'The renewable operating and development0(platform sold to GIP with NRG's interest
in NRG Yield.'Restructuring Support Agreement4,Restructuring Support and LockUp Agreement,3+dated as of June 12, 2017 and as amended on3+October 2, 2017, by and among GenOn Energy,%Inc., GenOn Americas Generation, LLC,D l}qeAv:O$9hq@ !"#$%&'()*+,./0123456789:;<=>? / 'and subsidiaries signatory thereto, NRG!!2!*Energy, Inc. and the noteholders signatory"""thereto#Retail##%Reporting segment that includes NRG's$$3$+residential and small commercial businesses%%4%,which go to market as Reliant, NRG and other&&0&(brands owned by NRG, as well as Business''' Solutions!(Revolving Credit Facility(3(+The Company?s $2.4 billion revolving credit))2)*facility, a component of the Senior Credit**/*'Facility. The revolving credit facility++7+/consists of $169 million of Tranche A Revolving,,3,+Credit Facility, due 2021, and $2.2 billion/'of Tranche B Revolving Credit Facility,...due 2021/RFO//Request for Offer0RGGI0*0"Regional Greenhouse Gas Initiative1RMR11Reliability MustRun2ROFO22Right of First Offer3ROFO Agreement323*Second Amended and Restated Right of First4424*Offer Agreement by and between NRG Energy,55 5Inc. and NRG Yield, Inc.6RPM6!6Reliability Pricing Model7
RPV Holdco77NRG RPV Holdco 1 LLC8RTO8*8"Regional Transmission Organization9RTR9%9Renewable Technology Resource:SCE:":Southern California Edison
;SDG&E; ;San Diego Gas & Electric<SEC</<'U.S. Securities and Exchange Commission=Securities Act=.=&The Securities Act of 1933, as amended>Senior Credit Facility>>%NRG's senior secured credit facility,??2?*comprised of the Revolving Credit FacilityDlg
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }}$ }U5
NRG ENERGY, INC.10Q
11/08/2018GLOSSARY OF TERMS
TCPA
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!Telephone Consumer Protection ActTSA)!Transportation Services AgreementTWCC#Texas Westmoreland Coal Co.
U.S.
United States of AmericaU.S. DOE!U.S. Department of EnergyUtility Scale Solar0(Solar power projects, typically 20 MW or2*greater in size (on an alternating current0(basis), that are interconnected into the1)transmission or distribution grid to sell#power at a wholesale level.VaR
Value at RiskVCP"Voluntary CleanUp ProgramVIE Variable Interest EntityWECC0(Western Electricity Coordinating CouncilWST4,WashingtonSt. Tammany Electric Cooperative,Inc.Yield OperatingNRG Yield Operating LLC$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/Dl}qeAm;c/_Z=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }6}$ }$}$ } $}
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NRG ENERGY, INC.10Q
11/08/20187/CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }7}$
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NRG ENERGY, INC.10Q
11/08/2018H@CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }7}$
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NRG ENERGY, INC.10Q
11/08/2018%CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2018
December 31, 2017 (a)$(In millions, except shares)(Unaudited)ASSETS
Current Assets
!Cash and cash equivalents~
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z~
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^ Accounts receivable, net~
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../Derivative instruments~
///~
/f/.0&Cash collateral received in support of~
0z00~
00)1!energy risk management activities62.Accrued expenses and other current liabilities~
2N
22~
2263.Accrued expenses and other current liabilities~
333~
334 affiliate+5#Current liabilities  heldforsale 555~
5"556Current liabilities  discontinued operations~
666~
6
6!7Total current liabilities~
7*77~
7R578NonCurrent Liabilities888)9!Longterm debt and capital leases~
9
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9r9':Nuclear decommissioning reserve~
:Z::~
:6:/;'Nuclear decommissioning trust liability~
;;;~
;~;<Deferred income taxes~
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=>=$>Outofmarket contracts, net~
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AAA~
A.kAB
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CCDTotal Liabilities~
D>DD~
DPDE%Redeemable noncontrolling interest in~
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E:EFsubsidiaries%GCommitments and ContingenciesGGGGGHStockholders? EquityHHHICommon stock~
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II"JAdditional paidin capital~
JJJ~
JJKAccumulated deficit~
K>KK~
KK2L*Less treasury stock, at cost  129,948,876~
LLL~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }I;}$ }$}$
^
NRG ENERGY, INC.10Q
11/08/20187/CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
'
Nine months ended September 30,
(In millions)~
~
,$Cash Flows from Operating Activities
Net income/(loss)~
f
~
Z
.&Loss from discontinued operations, net~
~
of income tax)!Income from continuing operations~
f ~
.&Adjustments to reconcile net income to2*net cash provided by operating activities:/'Distributions and equity in earnings of~
* !unconsolidated affiliates0(Depreciation, amortization and accretion~
N~
Provision for bad debts~
~
$Amortization of nuclear fuel~
~
0(Amortization of financing costs and debt~
V~
>discount/premiums*"Adjustment for debt extinguishment~
Z~
5Amortization of intangibles and outofmarket~
V~
> contracts4,Amortization of unearned equity compensation~
~
nImpairment losses~
f~
6.Changes in deferred income taxes and liability~
~
Dlwk_SGc@'d.(w ! " # $ % & ' ( ) * + ,  . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ? " for uncertain tax benefits0!(Changes in nuclear decommissioning trust~
!!!!~
!R!" liability)#!Changes in derivative instruments~
####~
##1$)Changes in collateral deposits in support~
$$$$~
$f$,%$of energy risk management activities+&#Gain on sale of emission allowances~
&&&&~
&V&'Gain on sale of assets~
''''~
''%(GenOn settlement in July 2018~
(((( ((+)#Loss on deconsolidation of business~
)6))) ))(* Changes in other working capital~
*&***~
*f*.+&Cash provided by continuing operations~
++++~
++0,(Cash provided by discontinued operations~
,,,,~
,,1)Net Cash Provided by Operating Activities~
~
,.$Cash Flows from Investing Activities...//'Acquisitions of businesses, net of cash~
////~
//0acquired1Capital expenditures~
1111~
1R1(2 Purchases of emission allowances~
2222~
2F213)Proceeds from sale of emission allowances~
33 33~
33.4&Investments in nuclear decommissioning~
4444~
445trust fund securities961Proceeds from the sale of nuclear decommissioning~
6:666~
667trust fund securities18)Proceeds from sale of assets, net of cash~
8N888~
8859disposed and sale of discontinued operations,:net of fees#;Deconsolidation of business~
;;;; ;;0<(Changes in investments in unconsolidated~
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@@@@~
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@/A'Net Cash (Used) by Investing Activities~
AAAA~
AjA,B$Cash Flows from Financing ActivitiesBBB3C+Payment of dividends to common stockholders~
CCCC~
CC"DPayment for treasury stock~
DbDDD DD0E(Proceeds from issuance of longterm debt~
EEEE~
EEF%Payments for short and longterm debt~
FFFF~
FF!GReceivable from affiliate~
GGGG~
GG5HNet distributions to noncontrolling interests~
HHHH~
HHIfrom subsidiaries&JPayment of debt issuance costs~
JJJJ~
JfJ
KOther~
KKKK~
KK*L"Cash used by continuing operations~
LNLLL~
LL0M(Cash provided by discontinued operations~
MNMMM~
MM.N& Net Cash Used by Financing Activities~
NNNN~
NN/O'Effect of exchange rate changes on cash~
OOOO~
OOPand cash equivalents3Q+Change in Cash from discontinued operations~
QbQQQ~
QnQ2R*Net Increase in Cash and Cash Equivalents,~
R:RRR~
RRS%Funds Deposited by Counterparties andTRestricted Cash2U*Cash and Cash Equivalents, Funds Deposited~
UUUU~
Ur
UV%by Counterparties and Restricted CashWat Beginning of Period2X*Cash and Cash Equivalents, Funds Deposited~
X&XXX~
XnXY%by Counterparties and Restricted CashZat End of Period$[____________________________1\)Created by Morningstar Document Research.0](http://documentresearch.morningstar.com/@
D.=O7`b@r=PF0*8X>
@p]]\\[[XXXXUUUURRRRQQQQOOOONNNNMMMMLLLLKKKKJJJJHHHHGGGGFFFFEEEEDDDDCCCCAAAA@@@@????>>>><<<<;;;;888866664444333322221111////,,,,++++****))))((((''''&&&&$$$$####!!!!
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)Restricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }2}$
NRG ENERGY, INC.10Q
11/08/2018'Other Balance Sheet Information
September 30, 2018
December 31, 2017
(In millions)2*Accounts receivable allowance for doubtful~
~
r
accounts1)Property, plant and equipment accumulated~
r)~
/depreciation2*Intangible assets accumulated amortization~
~
+#Outofmarket contracts accumulated~
~
amortization$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2{ocW hk_7=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }2}$
NRG ENERGY, INC.10Q
11/08/2018Restricted Cash
September 30, 2018
December 31, 2017
September 30, 2017
December 31, 2016
(In millions)!Cash and cash equivalents~
>~
~
~
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!Funds deposited by counterparties~
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Restricted cash~
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.2*Cash and cash equivalents, funds deposited~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted Cash!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }8}$
$
NRG ENERGY, INC.10Q
11/08/2018Noncontrolling Interest
(In millions)'Balance as of December 31, 2017~
*$0(Dividends paid to NRG Yield, Inc. public~
shareholders0(Distributions to noncontrolling interest~
V1)Net income attributable to noncontrolling~
( interest  continuing operations1)Net income attributable to noncontrolling~
V*"interest  discontinued operations/'Other comprehensive income attributable~
:1)to noncontrolling interest  discontinued
operations.&Noncash adjustments to noncontrolling~
*interest2*Contributions from noncontrolling interest~
)!Sale of assets to NRG Yield, Inc.~
&Deconsolidation of Ivanpah (a)~
,$Deconsolidation of Agua Caliente (b)~
7/Deconsolidation of NRG Yield and the Renewables~
Platform (b)( Balance as of September 30, 2018
$DClwk_/
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling InterestDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }I;}$
NRG ENERGY, INC.10Q
11/08/2018*"Redeemable Noncontrolling Interest
(In millions)'Balance as of December 31, 2017~
:2*Distributions to redeemable noncontrolling~
interest4,Contributions from redeemable noncontrolling~
jinterest91Noncash adjustments to redeemable noncontrolling~
interest%Net income attributable to redeemable~
,$noncontrolling interest  continuing
operations%Net income attributable to redeemable~
.&noncontrolling interest  discontinued
operations7/Deconsolidation of NRG Yield and the Renewables~
BPlatform (a)( Balance as of September 30, 2018~
N$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/D{lxl`T$jV:
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }y<}$
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NRG ENERGY, INC.10Q
11/08/2018Disaggregated Revenues

%Three months ended September 30, 2018
Generation
(In millions)Retail
Gulf Coast East/West/Other
SubtotalCorporate/Eliminations
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CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }y<}$ }$} $ }
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NRG ENERGY, INC.10Q
11/08/2018Disaggregated Revenues
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$Nine months ended September 30, 2018
Generation
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Gulf Coast
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }$4}$
NRG ENERGY, INC.10Q
11/08/2018Contract Balances
(In millions)September 30, 2018+#Deferred customer acquisition costs~
1)Accounts receivable, net  Contracts with~
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instruments&Total accounts receivable, net~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract BalancesCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }U5}$
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NRG ENERGY, INC.10Q
11/08/2018Carlsbad

%Three months ended September 30, 2018

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CarlsbadGenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
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NRG ENERGY, INC.10Q
11/08/2018Carlsbad
(In millions)
September 30, 2018 (a)
December 31, 2017 (b)!Cash and cash equivalents
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CarlsbadCarlsbad (1)!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
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11/08/2018
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }6}$
NRG ENERGY, INC.10Q
11/08/2018+#Fair Value of Financial Instruments
As of September 30, 2018
As of December 31, 2017Carrying Amount
Fair Value Carrying Amount
Fair Value
(In millions)
Assets:
Notes receivable (a)~
.~
"~
~
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5Longterm debt, including current portion (b)~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }1}$
NRG ENERGY, INC.10Q
11/08/2018+#Fair Value of Financial Instruments
As of September 30, 2018
As of December 31, 2017Level 2Level 3 Level 2
Level 3
(In millions)1
)Longterm debt, including current portion~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }7}$
*
NRG ENERGY, INC.10Q
11/08/2018)!Recurring Fair Value Measurements
As of September 30, 2018
Fair Value
(In millions)
TotalLevel 1 Level 2
Level 3
%Investments in securities (classified~
V
~
$
~
N
( within other noncurrent assets)'Nuclear trust fund investments:
!Cash and cash equivalents~
V~
V 
6.U.S. government and federal agency obligations~
~

1)Federal agency mortgagebacked securities~
b ~
b
%Commercial mortgagebacked securities~
N ~
N
!Corporate debt securities~
~
Equity securities~
~

2*Foreign government fixed income securities~
~
%Other trust fund investments:
6.U.S. government and federal agency obligations~
~

Derivative assets:
Commodity contracts~
~
J~
~
Interest rate contracts~
~
0(Measured using net asset value practical
expedient:.&Equity securities  nuclear trust fund~
investmentsDlymaUeCT"gQF !"#$%&'() Total assets~
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~
~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }7}$
*
NRG ENERGY, INC.10Q
11/08/2018)!Recurring Fair Value Measurements
As of December 31, 2017
Fair Value
(In millions)
TotalLevel 1 Level 2
Level 3
%Investments in securities (classified~
Z
~
$
~
N
( within other noncurrent assets)'Nuclear trust fund investments:
!Cash and cash equivalents~
~
~
6.U.S. government and federal agency obligations~
~
~
1)Federal agency mortgagebacked securities~
J ~
J
%Commercial mortgagebacked securities~
: ~
:
!Corporate debt securities~
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Equity securities~
:~
: 
2*Foreign government fixed income securities~
~
%Other trust fund investments:
6.U.S. government and federal agency obligations~
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Derivative assets:
Commodity contracts~
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Interest rate contracts~
~
0(Measured using net asset value practical
expedient:.&Equity securities  nuclear trust fund~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }I;}$
NRG ENERGY, INC.10Q
11/08/2018)!Recurring Fair Value Measurements
0
(Fair Value Measurement Using Significant%Unobservable Inputs (Level 3)%Three months ended September 30, 2018,
$Nine months ended September 30, 2018
(In millions)
Debt Securities
Derivatives (a)
Total
Debt Securities
Derivatives (a)
TotalBeginning balance~
N~
~
~
N~
~
.&Contracts acquired in Xoom acquisition   
~
2~
2*"Total losses  realized/unrealized   
~
~
included in earnings Purchases ~
2~
2
~
&~
&"Transfers into Level 3 (b) ~
~
~
~
$Transfers out of Level 3 (b) ~
~
  /'Ending balance as of September 30, 2018~
N~
~
~
N~
~
2*Losses for the period included in earnings ~
~
~
~
0(attributable to the change in unrealized91gains or losses relating to assets or liabilitiesLDstill held as of September 30, 2018 ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }I;}$
NRG ENERGY, INC.10Q
11/08/2018)!Recurring Fair Value Measurements
0
(Fair Value Measurement Using Significant%Unobservable Inputs (Level 3)%Three months ended September 30, 2017,
$Nine months ended September 30, 2017
(In millions)
Debt Securities
Derivatives (a)
Total
Debt Securities
Derivatives (a)
TotalBeginning balance~
J~
~
&~
F~
~
F2*Total gains/(losses)  realized/unrealized~
~
~
~
~
2~
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~
  "Transfers into Level 3 (b) ~
~
~
~
$Transfers out of Level 3 (b) ~
~
~
6~
6/'Ending balance as of September 30, 2017~
N~
:~
~
N~
:~
2*Losses for the period included in earnings ~
~
~
~
0(attributable to the change in unrealized91gains or losses relating to assets or liabilitiesLDstill held as of September 30, 2017 ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }}$ } }
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NRG ENERGY, INC.10Q
11/08/2018*"Derivative Fair Value Measurements
'
Significant Unobservable InputsSeptember 30, 2018
Fair Value
Input/Range
Assets
Liabilities
Valuation Technique
&
Significant Unobservable Input
Low
High
Weighted Average
(In millions)
Power Contracts~
~
Discounted Cash Flow
&Forward Market Price (per MWh)~
~
~
^FTRs~
f~
: Discounted Cash Flow
Auction Prices (per MWh)~
~
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~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }}$ } }
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NRG ENERGY, INC.10Q
11/08/2018*"Derivative Fair Value Measurements
'
Significant Unobservable InputsDecember 31, 2017
Fair Value
Input/Range
Assets
Liabilities
Valuation Technique
&
Significant Unobservable Input
Low
High
Weighted Average
(In millions)
Power Contracts~
~
Discounted Cash Flow
&Forward Market Price (per MWh)~
*~
:~
bFTRs~
.~
2 Discounted Cash Flow
Auction Prices (per MWh)~
~
~
~
$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2 xl`T4wv=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }$}$ }y
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NRG ENERGY, INC.10Q
11/08/2018*"Derivative Fair Value Measurements &
Significant Unobservable Input
Position
Change In Input
(
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FTR Prices
Buy
Increase/(Decrease)
Higher/(Lower)
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }0.}$}$
NRG ENERGY, INC.10Q
11/08/2018 Counterparty Credit Risk
Net Exposure (a) (b)#Category by Industry Sector(% of Total).&Utilities, energy merchants, marketers~
N %
and otherFinancial institutions~
F&Total as of September 30, 2018~
%$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.avj^:m1=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskRegulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }a/}$}$
NRG ENERGY, INC.10Q
11/08/2018 Counterparty Credit Risk
Net Exposure (a) (b)/'Category by Counterparty Credit Quality(% of Total)Investment grade~
%&
NonInvestment grade/NonRated~
&Total as of September 30, 2018~
%$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,6vj^:H=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }7}$ }
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NRG ENERGY, INC.10Q
11/08/2018Regulated Operations
As of September 30, 2018
As of December 31, 2017%(In millions, except otherwise noted)
Fair ValueUnrealized Gains Unrealized Losses.
&Weightedaverage Maturities (In years)
Fair ValueUnrealized GainsUnrealized Losses.&Weightedaverage Maturities (In years)!Cash and cash equivalents~
V
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$
~
$
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~
~
~
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~
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~
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~
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~
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~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated Operations!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }'}$
NRG ENERGY, INC.10Q
11/08/2018Regulated Operations
'
Nine months ended September 30,~
~
(In millions)
Realized gains~
"
~
"
Realized losses~
"~
( Proceeds from sale of securities~
:~
$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.znbrQE9=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }y#}<}$
NRG ENERGY, INC.10Q
11/08/20185Volumetric Underlying Derivative Transactions
Total VolumeSeptember 30, 2018December 31, 2017Category
Units
(In millions)
Emissions
Short Ton~
~
%Renewable Energy CertificatesCertificates~
Coal Short Ton~
"~
VNatural Gas
MMBtu~
&~
PowerMWh~
"~
^CapacityMW/Day~
~
InterestDollars~
~
EquityShares ~
$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8ymaUIN&Y,=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }0}$}$ }}$ }U} $ }
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NRG ENERGY, INC.10Q
11/08/2018,$Fair Value of Derivative Instruments
Fair ValueDerivative AssetsDerivative LiabilitiesSeptember 30, 2018December 31, 2017September 30, 2018
December 31, 2017
(In millions)/'Derivatives Not Designated as Cash Flow
or Fair Value Hedges:'Interest rate contracts current~
F~
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)!Interest rate contracts longterm~
~
~~
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#Commodity contracts current~
j
~
~
~
b%Commodity contracts longterm~
~
~
~
*0(Total Derivatives Not Designated as Cash~
~
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!Flow or Fair Value Hedges$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8 vj^RI~ g?=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }y#}$
NRG ENERGY, INC.10Q
11/08/2018,$Fair Value of Derivative Instruments
1
)Gross Amounts Not Offset in the Statementof Financial Position80Gross Amounts of Recognized Assets / LiabilitiesDerivative Instruments '
Cash Collateral (Held) / Posted
Net Amount
As of September 30, 2018
(In millions)Commodity contracts:
Derivative assets~
~
~
~
Derivative liabilities~
~
~
z
~
J!Total commodity contracts~
 ~
2
~
Interest rate contracts:
Derivative assets~


~
Derivative liabilities~


~
%Total interest rate contracts~


~
$Total derivative instruments~
$ ~
2
~
$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<vj^R9%\1B=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }y#}$
NRG ENERGY, INC.10Q
11/08/2018,$Fair Value of Derivative Instruments
1
)Gross Amounts Not Offset in the Statementof Financial Position80Gross Amounts of Recognized Assets / LiabilitiesDerivative Instruments '
Cash Collateral (Held) / Posted
Net Amount
As of December 31, 2017
(In millions)Commodity contracts:
Derivative assets~
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z~
~
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!Total commodity contracts~
 ~
~
Interest rate contracts:
Derivative assets~


~
Derivative liabilities~


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%Total interest rate contracts~


~
$Total derivative instruments~
$ ~
~
$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<vj^R9%]2C=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }6}$
NRG ENERGY, INC.10Q
11/08/2018,$Accumulated Other Comprehensive Loss
Interest Rate Contracts( Three months ended September 30,' Nine months ended September 30,~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }7}$
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NRG ENERGY, INC.10Q
11/08/2018H@Impact of Derivative Instruments on the Statements of Operations
(
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative InstrumentDebt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }a/}$
NRG ENERGY, INC.10Q
11/08/2018H@Impact of Derivative Instruments on the Statements of Operations
(
Three months ended September 30,
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Nine months ended September 30,~
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 energy commodities/'Total impact to statement of operations~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Senior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }2}$ } 0.
+
NRG ENERGY, INC.10Q
11/08/2018Debt and Capital Leases #
(In millions, except rates)
September 30, 2018
December 31, 2017
.
&September 30, 2018 interest rate % (a) Recourse debt:
Senior Notes, due 2022~
~
@Senior Notes, due 2024~
v~
v @Senior Notes, due 2026~
~
@Senior Notes, due 2027~
:~
@Senior Notes, due 2028~
~
@*"Convertible Senior Notes, due 2048~
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~
B L+1.75Taxexempt bonds~
J~
F 4.125  6.00Subtotal recourse debt~
o~
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2.285  4.256#Agua Caliente, due 2037 (c) ~
2.395  3.633*"Agua Caliente Borrower 1, due 2038~
Z~
f Q@$Midwest Generation, due 2019~
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~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital Leases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }'}$ }
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NRG ENERGY, INC.10Q
11/08/2018Senior Note Repurchases
Principal Repurchased
Cash Paid (a)
+
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v~
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6.250% senior notes due 2022~
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%Total at June 30, 2018~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }0}$
NRG ENERGY, INC.10Q
11/08/20182*Summary of Significant Accounting Policies
(In millions)
September 30, 2018
December 31, 2017Current assets~
~
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2~
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Other longterm assets~
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Total assets~
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Current liabilities~
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Longterm debt~
v~
z#Other longterm liabilities~
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Total liabilities~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant AccountiShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }'}}$ }}$ }}$
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11/08/2018,$Note 10 Changes in Capital Structure
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital Stru Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
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NRG ENERGY, INC.10Q
11/08/2018Share Repurchases
(
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CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
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NRG ENERGY, INC.10Q
11/08/2018)!Note 11 Earnings/(Loss) Per Share
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }y#}}$ }}$ }$} $ }
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NRG ENERGY, INC.10Q
11/08/2018)!Note 11 Earnings/(Loss) Per Share
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }8}$ }$}$
NRG ENERGY, INC.10Q
11/08/2018>6Acquisitions, Discontinued Operations and Dispositions
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }8}$
NRG ENERGY, INC.10Q
11/08/2018>6Acquisitions, Discontinued Operations and Dispositions
Retail (a)
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Eliminations
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
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NRG ENERGY, INC.10Q
11/08/2018>6Acquisitions, Discontinued Operations and Dispositions
Retail (a)
Generation (a)
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Eliminations
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
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NRG ENERGY, INC.10Q
11/08/2018>6Acquisitions, Discontinued Operations and Dispositions
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Eliminations
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Debt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
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NRG ENERGY, INC.10Q
11/08/2018Effective Tax Rate
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax Rate!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
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NRG ENERGY, INC.10Q
11/08/2018Debt and Capital Leases
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NRG Advisory Services LLC*
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
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0
NRG ENERGY, INC.10Q
11/08/20185For the three months ended September 30, 2018
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NRG ENERGY, INC.10Q
11/08/20184,For the nine months ended September 30, 2018
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CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
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NRG ENERGY, INC.10Q
11/08/20185For the three months ended September 30, 2018
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11/08/20184,For the nine months ended September 30, 2018
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }C}$
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NRG ENERGY, INC.10Q
11/08/2018&September 30, 2018 (Unaudited)
Guarantor Subsidiaries
"
NonGuarantor Subsidiaries
NRG Energy, Inc.
Eliminations (a)
Consolidated
(Note Issuer)ASSETS
(In millions)
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }I;}$ }$} $
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NRG ENERGY, INC.10Q
11/08/20184,For the nine months ended September 30, 2018
Guarantor Subsidiaries
"
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NRG Energy, Inc.
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(Note Issuer)
(In millions),
$Cash Flows from Operating Activities
Net income~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
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NRG ENERGY, INC.10Q
11/08/20185For the three months ended September 30, 2017
Guarantor Subsidiaries
"
NonGuarantor Subsidiaries
NRG Energy, Inc.
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }8}$ }$} $ }
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NRG ENERGY, INC.10Q
11/08/20184,For the nine months ended September 30, 2017
Guarantor Subsidiaries
"
NonGuarantor Subsidiaries
NRG Energy, Inc.
Eliminations (a)
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(Note Issuer)
(In millions)
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }7}$
NRG ENERGY, INC.10Q
11/08/20185For the three months ended September 30, 2017
Guarantor Subsidiaries
"
NonGuarantor Subsidiaries
NRG Energy, Inc.
Eliminations (a)
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(In millions)
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }7}$
NRG ENERGY, INC.10Q
11/08/20184,For the nine months ended September 30, 2017
Guarantor Subsidiaries
"
NonGuarantor Subsidiaries
NRG Energy, Inc.
Eliminations (a)
Consolidated
(Note Issuer)
(In millions)
Net income/(loss)~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }7}$ }$}$ } $}
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NRG ENERGY, INC.10Q
11/08/2018December 31, 2017
Guarantor Subsidiaries
"
NonGuarantor Subsidiaries
NRG Energy, Inc.
Eliminations (a)
Consolidated (b)
(Note Issuer)ASSETS
(In millions)
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CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
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NRG ENERGY, INC.10Q
11/08/20184,For the nine months ended September 30, 2017
Guarantor Subsidiaries
"
NonGuarantor Subsidiaries
NRG Energy, Inc.
Eliminations (a)
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
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11/08/2018!Introduction and Overview
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11/08/2018%2021/2022 PJM Auction Results
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11/08/2018*"Consolidated Results of Operations
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11/08/2018Electricity Prices
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesEconomic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }}$ } $}
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NRG ENERGY, INC.10Q
11/08/2018Electricity Prices
,
$Average Realized Power Price ($/MWh)( Three months ended September 30,Region~
~
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CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }:}$ }$} $
.
NRG ENERGY, INC.10Q
11/08/2018Economic Gross Margin

%Three months ended September 30, 2018
Generation
(In millions)Retail
Gulf Coast
East/West/Other (a)(b)
SubtotalCorporate/Eliminations
Total
Energy revenue
$
~
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~
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MWh sold (thousands)~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }:}$
.
NRG ENERGY, INC.10Q
11/08/2018Economic Gross Margin

%Three months ended September 30, 2017
Generation
(In millions)Retail
Gulf Coast East/West/Other (a)(b)
SubtotalCorporate/Eliminations
Total
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$
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~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }}
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NRG ENERGY, INC.10Q
11/08/2018Economic Gross Margin
(
Three months ended September 30,Weather Metrics
Gulf CoastEast/West/Other~
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$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8ymaW}N=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }:}$
+
NRG ENERGY, INC.10Q
11/08/20185Retail gross margin and economic gross margin
(
Three months ended September 30,,$(In millions except otherwise noted)~
~
Retail revenue~
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rCustomer marktomarket~
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n"~
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f~
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nBusiness Metrics%Mass electricity sales volume  GWh ~
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lymaUIY>D1P: !"#$%&'()*0 (C&I electricity sales volume  GWh  All~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economiGulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }8}$

NRG ENERGY, INC.10Q
11/08/20185Retail gross margin and economic gross margin
(In millions)1)Higher gross margin due to higher volumes~
v5from higher average customer counts primarily/
'driven by XOOM acquisition in June 2018.&Higher gross margin due to unfavorable~
B4,impacts from Hurricane Harvey in 2017 driven1)by $9 million from a reduction in load of/'200,000 MWh, and the unfavorable impact0(of selling back excess supply along with%$7 million of customer relief1)Higher gross margin due to an increase in~
25capacity revenues from the Business Solutions5unit due to additional MWs sold of $8 million&and higher rates of $4 million/'Lower gross margin due to higher supply~
3+cost of $124 million or approximately $5.827/per MWh, driven by an increase in power prices,2*partially offset by higher revenue of $1010(million or approximately $ 4.87 per MWh,0(driven by customer product, term and mix2*Lower gross margin of $9 million primarily~
4,due to impacts of selling back excess supplyDlymaUI
HPe,p9` !"#$%&'()*+, in 2018 compared to 2017)!!Increase in economic gross margin!~
!f!/"'Decrease in marktomarket for economic"~
""/#'hedging primarily due to net unrealized$%gain/losses on open positions related%to economic hedges)&!Decrease in contract amortization&~
&& 'Decrease in gross margin'~
'z'()$*____________________________1+)Created by Morningstar Document Research.0,(http://documentresearch.morningstar.com/0[=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }y<}$
$
NRG ENERGY, INC.10Q
11/08/2018Gulf Coast Region
(In millions)1)Higher gross margin due to a 25% increase~
2*in average realized prices in Texas offset3
+by a 3% decrease in average realized pricesin South Central2*Higher energy margin due to an 8% decrease~
6( in supply cost on load contracts7/Lower gross margin due to a decrease in tolling~
2*purchases in 2018 as a result of increaseddemand/'Lower capacity margins in South Central~
:2due to purchases to cover PJM capacity obligations
Other~
)!Increase in economic gross margin~
/'Increase in marktomarket for economic~
/'hedging primarily due to net unrealized.&gains/losses on open positions relatedto economic hedges0(Increase in contract and emission credit~
amortization Increase in gross margin~
Dl}qe5T8g1i"pR !"# $!____________________________1")Created by Morningstar Document Research.0#(http://documentresearch.morningstar.com/<=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }:}$

NRG ENERGY, INC.10Q
11/08/2018East/West/Other
(In millions)3+Lower gross margin primarily due to Ivanpah~
2.&and Agua Caliente being deconsolidated
in 20183+Lower gross margin driven by a 20% decrease~
0(in realized capacity pricing in New York1)and expiration of the Long Beach capacitytoll in July 20170(Lower gross margin due to less volume of~
0(load contracts coupled with lower prices1)Higher gross margin due to a 36% increase~
~5in PJM and 28% NEISO cleared capacity pricing80Higher gross margin from commercial optimization~
N
activities2*Higher gross margin as a result of trading~
6activity at BETM0(Higher gross margin due to a net overall~
.&increase in capacity volumes sold from,$improved historical capacity factors
in NY and PJM
Other~
Dlsg7+W#E/uC !"#$%&'()*+,) !Decrease in economic gross margin~
/!'Increase in marktomarket for economic~
!2!/"'hedging primarily due to net unrealized.#&gains/losses on open positions related$to economic hedges0%(Increase in contract and emission credit~
%%&amortization 'Increase in gross margin~
'
'()$*____________________________1+)Created by Morningstar Document Research.0,(http://documentresearch.morningstar.com/hl9E9=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }U5}$
%
NRG ENERGY, INC.10Q
11/08/20186.Marktomarket for Economic Hedging Activities

%Three months ended September 30, 2018
Generation
Retail
Gulf Coast East/West/Other
Eliminations (a)
Total
(In millions)4,Marktomarket results in operating revenues
4,Reversal of previously recognized unrealized
$~
~
~
6~
3+losses/(gains) on settled positions relatedto economic hedges%Net unrealized gains/(losses) on open~
~
v~
Z~
~
,$positions related to economic hedges+#Total marktomarket gains/(losses)~
~
2~
n~
>~
in operating revenues1)Marktomarket results in operating costs
and expenses4,Reversal of previously recognized unrealized~
~
~
~
~
3+(gains)/losses on settled positions relatedto economic hedges3+Reversal of acquired gain positions related~
 
~
to economic hedges%Net unrealized (losses)/gains on open~
~
~
~
~
,$positions related to economic hedges+#Total marktomarket (losses)/gains~
b
$~
~
~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }7}$
%
NRG ENERGY, INC.10Q
11/08/20186.Marktomarket for Economic Hedging Activities

%Three months ended September 30, 2017
Generation
Retail
Gulf Coast East/West/Other
Eliminations (a)
Total
(In millions)4,Marktomarket results in operating revenues
4,Reversal of previously recognized unrealized
$~
~
~
~
3+losses/(gains) on settled positions relatedto economic hedges%Net unrealized gains/(losses) on open ~
2~
~
R~
r,$positions related to economic hedges+#Total marktomarket gains/(losses)
$~
~
~
B~
Zin operating revenues1)Marktomarket results in operating costs
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~
~
~
~
3+(gains)/losses on settled positions relatedto economic hedges3+Reversal of acquired gain positions related~
 
~
to economic hedges6.Net unrealized (losses)gains on open positions~
R~
~
*~
~
F"related to economic hedges+#Total marktomarket (losses)/gains~
N~
~
&~
~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }I"}$
NRG ENERGY, INC.10Q
11/08/20186.Marktomarket for Economic Hedging Activities
(
Three months ended September 30,
(In millions)~
~
Trading gains/(losses)
Realized~
^
~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }}$
NRG ENERGY, INC.10Q
11/08/2018+#Selling, General and Administrative
Retail
Generation
Corporate
Total
(In millions)%Three months ended September 30, 2018~
B~
~
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R
%Three months ended September 30, 2017~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and AdministratInterest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }2}$
NRG ENERGY, INC.10Q
11/08/2018+#Selling, General and Administrative
(In millions)1)Increase in selling and marketing expense~
1)associated with costs incurred for margin
enhancement activities2*Increase costs due to the XOOM acquisition~
6.&Decrease in general and administrative~
.&expenses from cost initiatives for theTransformation Plan
Other~
~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Electricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }2}$
NRG ENERGY, INC.10Q
11/08/2018Interest Expense
(In millions)/'Increase in derivative interest expense~
2*from changes in the fair value of interest/
'rate swaps driven by increased interest
rates in 2018/'Increase in interest expense related to~
%Agua Caliente deconsolidation/'Decrease in interest expense related to~
#repurchases of Senior Notes/'Decrease in interest expense related to~
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Other~
~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
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NRG ENERGY, INC.10Q
11/08/2018Electricity Prices
+
#Average on Peak Power Price ($/MWh)'Nine months ended September 30,Region~
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CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
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NRG ENERGY, INC.10Q
11/08/2018Electricity Prices
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CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
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11/08/2018Economic Gross Margin
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CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
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NRG ENERGY, INC.10Q
11/08/2018Economic Gross Margin
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NRG ENERGY, INC.10Q
11/08/2018Economic Gross Margin
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CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }:}$
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NRG ENERGY, INC.10Q
11/08/20185Retail gross margin and economic gross margin
'
Nine months ended September 30,,$(In millions except otherwise noted)~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }y<}$
.
NRG ENERGY, INC.10Q
11/08/20185Retail gross margin and economic gross margin
(In millions)1)Higher gross margin due to an increase in~
5capacity revenues from the Business Solutions6
.unit due to additional MWs sold of $36 million'and higher rates of $16 million1)Higher gross margin due to higher revenue~
.&of $206 million or approximately $3.951)per MWh, driven by customer product, term0(and mix, offset by higher supply cost of/'$162 million or approximately $3.29 per2*MWh, driven by an increase in power prices1)Higher gross margin of $37 million due to~
:2$50 million from an increase in load of $1,828,0000(MWh, partially offset by $13 million due.&to unfavorable impacts of selling back.&excess supply in 2018 compared to 20171)Higher gross margin due to higher volumes~
j5from higher average customer counts primarily0(driven by XOOM acquisition in June 2018..&Higher gross margin due to unfavorable~
B4,impacts from Hurricane Harvey in 2017 driven1)by $9 million from a reduction in load ofDlymaUI
HV!)S3 !"#$%&'()*+,/ '200,000 MWh, and the unfavorable impact0!(of selling back excess supply along with%"$7 million of customer relief)#!Increase in economic gross margin#~
##/$'Increase in marktomarket for economic$~
$$/%'hedging primarily due to net unrealized.&&gains/losses on open positions related'to economic hedges (Increase in gross margin(~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }:}$
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NRG ENERGY, INC.10Q
11/08/2018Gulf Coast Region
(In millions)1)Higher gross margin due to a 12% increase~
/'in average realized prices in Texas and0
(a 4% increase in average realized pricesin South Central6.Higher gross margin from sales of NOx emission~
credits6.Higher capacity margins due to an 11% increase~
&4,in load demand in the South Central business80Higher gross margin from commercial optimization~
activities0(Lower gross margin due to an increase in~
0(tolling purchases in 2018 as a result of%increased demand and the cancellation1)of the Greens Bayou RMR agreement in 20172*Lower energy margin due to an 18% increase~
( in supply cost on load contracts
Other~
)!Increase in economic gross margin~
/'Decrease in marktomarket for economic~
j/'hedging primarily due to net unrealized.&gains/losses on open positions relatedD)l}qe5Z>K],{P !"#$%&'( to economic hedges0!(Increase in contract and emission credit~
!!"amortization #Increase in gross margin~
#v#$%$&____________________________1')Created by Morningstar Document Research.0((http://documentresearch.morningstar.com/>2&=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }:}$
2
NRG ENERGY, INC.10Q
11/08/2018East/West/Other
(In millions)3+Lower gross margin primarily due to Ivanpah~
.&and Agua Caliente being deconsolidated
in 20181)Lower gross margin driven by 25% decrease~
60(in realized capacity pricing in New York1)and the expiration of Long Beach capacitytoll in July 20170(Lower gross margin due to less volume of~
0(load contracts coupled with lower prices2*Lower gross margin due to a 1% decrease in~
*"realized energy prices in the East1)Higher gross margin due to a 34% increase~
~5in in PJM cleared capacity and a 60% increase!in NEISO cleared capacity80Higher gross margin from commercial optimization~
activities2*Higher gross margin as a result of trading~
factivity at BETM1)Higher gross margin due to an increase in~
&6.capacity volumes sold from improved historicalcapacity factors in NYD lsg7Y%X>" !"#$%&'()*+,./015 Higher gross margin due to insurance proceeds~
5!from outages of $14 million in 2018, compared/"'to business interruption proceeds of $8#million in 2017
$Other~
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%%/&'Decrease in marktomarket for economic~
&&/''hedging primarily due to net unrealized.(&gains/losses on open positions related)to economic hedges0*(Increase in contract and emission credit~
*
*+amortization ,Decrease in gross margin~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }U5}$
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NRG ENERGY, INC.10Q
11/08/20186.Marktomarket for Economic Hedging Activities
,
$Nine months ended September 30, 2018
Generation
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Eliminations (a)
Total
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CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
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NRG ENERGY, INC.10Q
11/08/20186.Marktomarket for Economic Hedging Activities
,
$Nine months ended September 30, 2017
Generation
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Eliminations (a)
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }$}$
NRG ENERGY, INC.10Q
11/08/20186.Marktomarket for Economic Hedging Activities
'
Nine months ended September 30,
(In millions)~
~
Trading gains/(losses)
Realized~
~
J
Unrealized~
F~
Total trading gains~
B~
.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.,xl`THp*! =PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }+}$
NRG ENERGY, INC.10Q
11/08/2018*"Operations and Maintenance Expense
Retail
Generation
Corporate
Eliminations
Total
Gulf Coast East/West/Other (a)
(In millions),
$Nine months ended September 30, 2018~
b
~
~
~
~
~
,$Nine months ended September 30, 2017~
~
~
~
.~
~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }8}$
'
NRG ENERGY, INC.10Q
11/08/2018*"Operations and Maintenance Expense
(In millions)52017 proceeds and 2018 payments in settlement~
of certain legal matters4
,Increase in major maintenance due to planned~
^
2*outages of $15 million in Texas, increased1)outage hours at STP of $8 million, and $32*million in South Central, partially offset3+by $3 million due to forced outages related#to Hurricane Harvey in 2017.&Increase in operations and maintenance~
J7/due to the gain on sale of Jewett Mine draglinein 20170(Increase in deactivation costs primarily~
"
at Dunkirk6.Increase costs incurred for margin enhancement~
initiatives.&Decrease in operations and maintenance~
4,expense due to cost efficiencies as a result( of the Transformation Plan (a).&Decrease in operations and maintenance~
2*due to deconsolidation of Ivanpah and AguaCaliente in 2018Dlxl`T$6^7O9J !"#$%&, $Increased compliance costs and other~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }+}$
NRG ENERGY, INC.10Q
11/08/2018+#Selling, General and Administrative
Retail
Generation
Corporate
Total
(In millions),$Nine months ended September 30, 2018~
~
~
~
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$Nine months ended September 30, 2017~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }>}$
!
NRG ENERGY, INC.10Q
11/08/2018+#Selling, General and Administrative
(In millions).&Decrease in general and administrative~
<4expense from cost initiatives for the Transformation
Plan (a)0(Prior year fees associated with advisors~
6.engaged to assist the Company in its strategicreview in 2017:2Prior year fees for advisors and other consultants~
2*engaged to assist the Company with GenOn'sbankruptcy proceedings2*Increase in selling and marketing expenses~
"1)associated with costs incurred for marginenhancement initiatives5Increase in costs due to the XOOM acquisition~
N2*Increase in bad debt expense due to higher~
:revenues
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B~
V$____________________________1)Created by Morningstar Document Research.Dlwk_S#r^d.d\PD 0 (http://documentresearch.morningstar.com/H=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }2}$
NRG ENERGY, INC.10Q
11/08/2018Interest Expense
(In millions)/'Decrease in derivative interest expense~
2*from changes in the fair value of interest/
'rate swaps driven by increased interest
rates in 2018/'Decrease in interest expense related to~
#repurchases of Senior Notes/'Decrease in interest expense related to~
Ivanpah deconsolidation/'Decrease in interest expense related to~
Carlsbad deconsolidation
Other~
~
$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<=~rf6[B^\=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }}$
NRG ENERGY, INC.10Q
11/08/2018Liquidity Position
(In millions)
September 30, 2018
December 31, 2017"Cash and cash equivalents:~
>~
#Restricted cash  operating~
J~
&
Restricted cash  reserves (a)~
*
~
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Total~
~
Z*"Total credit facility availability~
~
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+received$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0,pd>m=)=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }U5}$
NRG ENERGY, INC.10Q
11/08/20187/Debt and Capital LeasesDebt and Capital Leases,
Sales
#
Cash Proceeds (in millions).&NRG Yield, Inc and Renewables Platform~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt andFirst Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }a/}$ }}$
NRG ENERGY, INC.10Q
11/08/20187/Debt and Capital LeasesDebt and Capital Leases,
Expected Sales
Expected Close Date
,
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)Capital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }6} }$ } }$ } }$ } }$ } }
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11/08/2018First Lien Structure
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }6}$
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NRG ENERGY, INC.10Q
11/08/2018Capital Expenditures
Maintenance
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CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
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NRG ENERGY, INC.10Q
11/08/2018Senior Note Repurchases
Principal Repurchased
Cash Paid (a)
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }1}$
NRG ENERGY, INC.10Q
11/08/2018Cash Flow Discussion
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Nine months ended September 30,
~
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CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
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11/08/20181)Net Cash Provided By Operating Activities
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }y<}$
"
NRG ENERGY, INC.10Q
11/08/2018%Net Cash Used By Investing Activities
(In millions)1)Increase in proceeds from sale of assets,~
z6.primarily from sale of discontinued operations.
&Cash removed due to deconsolidation of~
business in 2018.&Increase in cash paid for acquisitions~
/'in 2018, primarily from the XOOM Energyacquisition3+Increase in capital expenditures for growth~
N( investments in generation assets7/Decrease in net contributions to unconsolidated~
affiliates3+Change in cash from discontinued operations~
80Decrease in sales of emissions, net of purchases~
~:2Increase in investments in nuclear decommissioning~
( trust net of proceeds from sales/'Decrease in insurance proceeds received~
Other~
~
$____________________________Dlui]Q!s'u$
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }6}$
NRG ENERGY, INC.10Q
11/08/20181)Net Cash Provided By Financing Activities
(In millions)1)Repurchases of common stock in 2018, from~
b5open market repurchases and the ASR Agreement4
,Increase in payments for short and longterm~
6
debt.&Increase in proceeds from the issuance~
.&of longterm debt, primarily the 2.75%Convertible Notes3+Change in cash from discontinued operations~
,$including longterm deposits in 2017.&Decrease in notes issued to affiliates~
0(Decrease in deferred financing costs due~
R/'to fewer debt instruments refinanced in~
Other~
~
$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/BOX}qeYMps"X%=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }2}$
NRG ENERGY, INC.10Q
11/08/2018/'Fair Value Measurements and Disclosures *
"Derivative Activity Gains/(Losses)
(In millions)2*Fair Value of Contracts as of December 31,~
~
/
'Contracts realized or otherwise settled~
Z
during the period,$Contracts acquired during the period~
.Changes in fair value~
/'Fair Value of Contracts as of September~
30, 2018$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2?sg[Oz>*=PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and DisCommodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }*}$ }$}$
NRG ENERGY, INC.10Q
11/08/2018/'Fair Value Measurements and Disclosures
/
'Fair Value of Contracts as of September30, 2018Maturity+
#Fair value hierarchy (Losses)/Gains
1 Year or Less
&
Greater than 1 Year to 3 Years
'
Greater than 3 Years to 5 Years
Greater than 5 Years
Total Fair
Value
(In millions)Level 1~
~
~
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Level 2~
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~
~
~
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~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)!ITEM 2 UNREGISTERED SALES OF EQITEM 6 EXHIBITSU }'}$
NRG ENERGY, INC.10Q
11/08/2018Commodity Price Risk
(In millions)~
~
VaR as of September 30,~
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~
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R$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6znb^hs =PF0*8X>
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price RiskITEM 6 EXHIBITSU }1}$ }
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NRG ENERGY, INC.10Q
11/08/2018JBITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
0
(For the three months ended September 30,
(
Total Number of Shares Purchased
$
Average Price Paid per Share
0
(Total Number of Shares Purchased as Part
/
'Approximate Dollar Value of Shares that~
/ 'of Publicly Announced Plans or Programs80May Yet Be Purchased Under the Plans or ProgramsMonth #1 '
(July 1, 2018 to July 31, 2018)
~
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~
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FORM 10QNRG Energy IncRESULTS OF OPERATIONSGLOSSARY OF TERMSGLOSSARY OF TERMS (1)GLOSSARY OF TERMS (2)GLOSSARY OF TERMS (3)GLOSSARY OF TERMS (4)!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (2)!Other Balance Sheet InformationRestricted CashNoncontrolling Interest!Redeemable Noncontrolling InterDisaggregated RevenuesDisaggregated Revenues (1)Contract Balances
CarlsbadCarlsbad (1)GenOn!Fair Value of Financial Instrum!Fair Value of Financial Ins (1)!Recurring Fair Value Measuremen!Recurring Fair Value Measur (1)!Recurring Fair Value Measur (2)!Recurring Fair Value Measur (3)!Derivative Fair Value Measureme!Derivative Fair Value Measu (1)!Derivative Fair Value Measu (2)Counterparty Credit RiskCounterparty Credit Risk (1)Regulated OperationsRegulated Operations (1)!Volumetric Underlying Derivativ!Fair Value of Derivative Instru!Fair Value of Derivative In (1)!Fair Value of Derivative In (2)!Accumulated Other Comprehensive!Impact of Derivative Instrument!Impact of Derivative Instru (1)Debt and Capital LeasesSenior Note Repurchases!Summary of Significant Accounti!Note 10 Changes in Capital StruShare Repurchases Note 11 EarningsLoss Per Share Note 11 EarningsLoss Per S (1)!Acquisitions Discontinued Opera!Acquisitions Discontinued O (1)!Acquisitions Discontinued O (2)!Acquisitions Discontinued O (3)Effective Tax RateDebt and Capital Leases (1)!For the three months ended Sept!For the nine months ended Septe!For the three months ended (1)!For the nine months ended S (1)September 30 2018 Unaudited!For the nine months ended S (2)!For the three months ended (2)!For the nine months ended S (3)!For the three months ended (3)!For the nine months ended S (4)December 31 2017!For the nine months ended S (5)Introduction and Overview20212022 PJM Auction Results!Consolidated Results of OperatiElectricity PricesElectricity Prices (1)Economic Gross MarginEconomic Gross Margin (1)Economic Gross Margin (2)!Retail gross margin and economi!Retail gross margin and eco (1)Gulf Coast Region
EastWestOther!Marktomarket for Economic Hedgi!Marktomarket for Economic H (1)!Marktomarket for Economic H (2)!Selling General and Administrat!Selling General and Adminis (1)Interest ExpenseElectricity Prices (2)Electricity Prices (3)Economic Gross Margin (3)Economic Gross Margin (4)Economic Gross Margin (5)!Retail gross margin and eco (2)!Retail gross margin and eco (3)Gulf Coast Region (1)EastWestOther (1)!Marktomarket for Economic H (3)!Marktomarket for Economic H (4)!Marktomarket for Economic H (5)!Operations and Maintenance Expe!Operations and Maintenance (1)!Selling General and Adminis (2)!Selling General and Adminis (3)Interest Expense (1)Liquidity Position!Debt and Capital LeasesDebt and!Debt and Capital LeasesDebt (1)First Lien StructureCapital ExpendituresSenior Note Repurchases (1)Cash Flow Discussion!Net Cash Provided By Operating !Net Cash Used By Investing Acti!Net Cash Provided By Financing !Fair Value Measurements and Dis!Fair Value Measurements and (1)Commodity Price Risk!ITEM 2 UNREGISTERED SALES OF EQU }I }$ }6}$ }
NRG ENERGY, INC.10Q
11/08/2018ITEM 6 EXHIBITS
Number
Description
Method of Filing?@.&Rule 13a14(a)/15d14(a) certificationFiled herewith.of Mauricio Gutierrez.
333333?@
.
&Rule 13a14(a)/15d14(a) certification
Filed herewith.of Kirkland B. Andrews.L?@.&Rule 13a14(a)/15d14(a) certificationFiled herewith.of David Callen.~
#Section 1350 Certification.Furnished herewith.101 INSXBRL Instance Document.Filed herewith.101 SCH'XBRL Taxonomy Extension Schema.Filed herewith.101 CAL5XBRL Taxonomy Extension Calculation Linkbase.Filed herewith.101 DEF4,XBRL Taxonomy Extension Definition Linkbase.Filed herewith.101 LAB/'XBRL Taxonomy Extension Label Linkbase.Filed herewith.101 PRE,$XBRL Taxonomy Extension PresentationFiled herewith. Linkbase.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/> 0sg+WkTz}aU=PF0*8X>
@
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