NRG ENERGY INC
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
NRG$97.40+10.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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GLOSSARY OF TERMS
When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:
| ACE | Affordable Clean Energy |
|---|---|
| Acquisition | The acquisition of Vivint Smart Home, Inc. by NRG completed on March 10, 2023 |
| Adjusted EBITDA | Adjusted earnings before interest, taxes, depreciation and amortization |
| AESO | Alberta Electric System Operator |
| ARO | Asset Retirement Obligation |
| ASC | The FASB Accounting Standards Codification, which the FASB established as the source of authoritative GAAP |
| ASR | Accelerated Share Repurchases |
| ASU | Accounting Standards Updates – updates to the ASC |
| AUC | Alberta Utilities Commission |
| BTU | British Thermal Unit |
| Business | NRG Business, which serves business customers |
| CAA | Clean Air Act |
| CAISO | California Independent System Operator |
| CAMT | 15% Corporate Alternative Minimum Tax enacted by the IRA on August 16, 2022 |
| CDD | Cooling Degree Day |
| CFTC | U.S. Commodity Futures Trading Commission |
| CO2 | Carbon Dioxide |
| CO2e | Carbon Dioxide Equivalents |
| Company | NRG Energy, Inc. |
| Convertible Senior Notes | As of December 31, 2023, consists of NRG’s $575 million unsecured 2.75% Convertible Senior Notes due 2048 |
| Cottonwood | Cottonwood Generating Station, a 1,166 MW natural gas-fueled plant |
| CPP | Clean Power Plan |
| CPUC | California Public Utilities Commission |
| CWA | Clean Water Act |
| D.C. Circuit | U.S. Court of Appeals for the District of Columbia Circuit |
| DSI | Dry Sorbent Injection |
| DSU | Deferred Stock Unit |
| Dth | Dekatherms |
| Dual fuel customers | Customer that have both electricity and natural gas service with the Company |
| Economic gross margin | Sum of retail revenue, energy revenue, capacity revenue and other revenue, less cost of fuels, purchased energy and other cost of sales |
| EGU | Electric Generating Unit |
| EPA | U.S. Environmental Protection Agency |
| EPC | Engineering, Procurement and Construction |
| ERCOT | Electric Reliability Council of Texas, the Independent System Operator and the regional reliability coordinator of the various electricity systems within Texas |
| ESP | Electrostatic Precipitator |
| ESPP | NRG Energy, Inc. Amended and Restated Employee Stock Purchase Plan |
| Exchange Act | The Securities Exchange Act of 1934, as amended |
| FASB | Financial Accounting Standards Board |
| FERC | Federal Energy Regulatory Commission |
| FGD | Flue gas desulfurization |
| FPA | Federal Power Act |
| FTRs | Financial Transmission Rights |
|---|---|
| GAAP | Generally accepted accounting principles in the United States |
| GHG | Greenhouse Gas |
| Green Mountain Energy | Green Mountain Energy Company |
| GW | Gigawatts |
| GWh | Gigawatt Hours |
| HDD | Heating Degree Day |
| Heat Rate | A measure of thermal efficiency computed by dividing the total BTU content of the fuel burned by the resulting kWhs generated. Heat rates can be expressed as either gross or net heat rates, depending whether the electricity output measured is gross or net generation and is generally expressed as BTU per net kWh |
| Home | NRG Home, which serves residential customers |
| ICE | Intercontinental Exchange |
| IoT | Internet of Things |
| IRA | Inflation Reduction Act |
| ISO | Independent System Operator, also referred to as RTOs |
| ISO-NE | ISO New England Inc. |
| Ivanpah | Ivanpah Solar Electric Generation Station, a 391 MW solar thermal power plant located in California's Mojave Desert in which NRG owns 54.5% interest |
| kWh | Kilowatt-hours |
| LaGen | Louisiana Generating LLC |
| LIBOR | London Inter-Bank Offered Rate |
| LSEs | Load Serving Entities |
| LTIPs | Collectively, the NRG LTIP and the Vivint LTIP |
| MDth | Thousand Dekatherms |
| Midwest Generation | Midwest Generation, LLC |
| MISO | Midcontinent Independent System Operator, Inc. |
| MMBtu | Million British Thermal Units |
| MMDth | Million Dekatherms |
| MW | Megawatts |
| MWh | Saleable megawatt hour net of internal/parasitic load megawatt-hour |
| NAAQS | National Ambient Air Quality Standards |
| NEPOOL | New England Power Pool |
| NERC | North American Electric Reliability Corporation |
| NERC-CIP | North American Electric Reliability Corporation Critical Infrastructure Protection |
| Net Capacity Factor | The net amount of electricity that a generating unit produces over a period of time divided by the net amount of electricity it could have produced if it had run at full power over that time period. The net amount of electricity produced is the total amount of electricity generated minus the amount of electricity used during generation |
| Net Exposure | Counterparty credit exposure to NRG, net of collateral |
| Net Generation | The net amount of electricity produced, expressed in kWhs or MWhs, that is the total amount of electricity generated (gross) minus the amount of electricity used during generation |
| NIST | National Institute of Standards and Technology |
| Nodal | Nodal Exchange is a derivatives exchange |
| NOL | Net Operating Loss |
| NOx | Nitrogen Oxides |
| NPNS | Normal Purchase Normal Sale |
| NRC | U.S. Nuclear Regulatory Commission |
| NRG | NRG Energy, Inc. |
| NRG LTIP | NRG Energy, Inc. Amended and Restated Long-Term Incentive Plan |
|---|---|
| Nuclear Decommissioning Trust Fund | NRG's nuclear decommissioning trust fund assets, which were for the Company's portion of the decommissioning of the STP, units 1 & 2 through the sale of STP on November 1, 2023 |
| NYISO | New York Independent System Operator |
| NYMEX | New York Mercantile Exchange |
| OCI/OCL | Other Comprehensive Income/(Loss) |
| ORDC | Operating Reserve Demand Curve |
| ORDPA | Online Reliability Deployment Price Adder |
| PCI DSS | Payment Card Industry Data Security Standard |
| Peaking | Units expected to satisfy demand requirements during the periods of greatest or peak load on the system |
| Petra Nova | Petra Nova Parish Holdings, LLC |
| PJM | PJM Interconnection, LLC |
| PM2.5 | Particulate Matter that has a diameter of less than 2.5 micrometers |
| PPA | Power Purchase Agreement |
| PUCT | Public Utility Commission of Texas |
| RCRA | Resource Conservation and Recovery Act of 1976 |
| Receivables Facility | NRG Receivables LLC, a bankruptcy remote, special purpose, wholly-owned indirect subsidiary of the Company's $1.4 billion accounts receivables securitization facility due 2024, which was last amended on October 6, 2023 |
| Receivables Securitization Facilities | Collectively, the Receivables Facility and the Repurchase Facility |
| RECs | Renewable Energy Certificates |
| Renewable PPA | A third-party PPA entered into directly with a renewable generation facility for the offtake of the RECs or other similar environmental attributes generated by such facility, coupled with the associated power generated by that facility |
| Renewables | Consists of the following projects in which NRG has an ownership interest: Ivanpah and solar generating stations located at various NFL Stadiums |
| Renewables Platform | The renewable operating and development platform sold to Global Infrastructure Partners with NRG's interest in NRG Yield |
| REP | Retail electric provider |
| Repurchase Facility | NRG's $150 million uncommitted repurchase facility related to the Receivables Facility due 2024, which was last amended on October 6, 2023 |
| Revolving Credit Facility | The Company's $4.3 billion revolving credit facility due 2028, which was last modified on March 13, 2023 |
| RGGI | Regional Greenhouse Gas Initiative |
| RMR | Reliability Must-Run |
| RPS | Renewable Portfolio Standards |
| RPSU | Relative Performance Stock Unit |
| RSU | Restricted Stock Unit |
| RTO | Regional Transmission Organization |
| SCR | Selective Catalytic Reduction Control System |
| SEC | U.S. Securities and Exchange Commission |
| Securities Act | The Securities Act of 1933, as amended |
| Senior Notes | As of December 31, 2023, NRG's $4.0 billion outstanding unsecured senior notes consisting of $375 million of the 6.625% senior notes due 2027, $821 million of 5.75% senior notes due 2028, $733 million of the 5.25% senior notes due 2029, $500 million of the 3.375% senior notes due 2029, $1.0 billion of the 3.625% senior notes due 2031 and $480 million of the 3.875% senior notes due 2032 |
| Senior Secured First Lien Notes | As of December 31, 2023, NRG’s $3.2 billion outstanding Senior Secured First Lien Notes consists of $600 million of the 3.75% Senior Secured First Lien Notes due 2024, $500 million of the 2.0% Senior Secured First Lien Notes due 2025, $900 million of the 2.45% Senior Secured First Lien Notes due 2027, $500 million of the 4.45% Senior Secured First Lien Notes due 2029 and $740 million of the 7.000% Senior Secured First Lien Notes due 2033 |
|---|---|
| Series A Preferred Stock | As of December 31, 2023, NRG's Series A Preferred Stock consists of 650,000 outstanding shares of the 10.25% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, with a $1,000 liquidation preference per share |
| Services | NRG Services, which primarily includes the services businesses acquired in the Direct Energy acquisition and the Goal Zero business |
| SO2 | Sulfur Dioxide |
| SOFR | Secured overnight financing rate |
| South Central Portfolio | NRG's South Central Portfolio, which owned and operated a portfolio of generation assets consisting of Bayou Cove, Big Cajun-I, Big Cajun-II, Cottonwood and Sterlington, was sold on February 4, 2019. NRG is leasing back the Cottonwood facility through May 2025 |
| S&P | Standard & Poor's |
| STP | South Texas Project — nuclear generating facility located near Bay City, Texas in which NRG owned a 44% interest. NRG closed on the sale of its interest in STP on November 1, 2023 |
| STPNOC | South Texas Project Nuclear Operating Company |
| Tax Act | The Tax Cuts and Jobs Act of 2017 |
| TDSP | Transmission/distribution service provider |
| Texas Genco | Texas Genco LLC |
| TSR | Total Shareholder Return |
| TWh | Terawatt Hours |
| U.S. | United States of America |
| VaR | Value at Risk |
| VIE | Variable Interest Entity |
| Vivint LTIP | Vivint Smart Home, Inc. Long-Term Incentive Plan assumed by NRG pursuant to merger between NRG and Vivint |
| Winter Storm Elliott | A major winter storm that had impacts across the majority of the United States and parts of Canada occurring in December 2022 |
| Winter Storm Uri | A major winter and ice storm that had widespread impacts across North America occurring in February 2021 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.