5 unchanged sentences
• Manage and hedge fixed-price purchase and sales commitments;
−Removed: • Reduce exposure to the volatility of cash market prices, and
+Added: • Reduce exposure to the volatility of cash market prices;
• Hedge fuel requirements for the Company's generating facilities.
20 unchanged sentences
Counterparty credit risk and retail customer credit risk are discussed below.
−Removed: See Note 6, Accounting for Derivative Instruments and Hedging Activities , to this Form 10-K for discussion regarding credit risk contingent features.
+Added: See Item 15 — Note 6, Accounting for Derivative Instruments and Hedging Activities , to this Annual Report on Form 10-K for discussion regarding credit risk contingent features.
Counterparty Credit Risk
7 unchanged sentences
Risks surrounding counterparty performance and credit could ultimately impact the amount and timing of expected cash flows.
−Removed: The Company seeks to mitigate counterparty risk by having a diversified portfolio of counterparties.
+Added: The Company seeks to mitigate counterparty risk by having a diversified
+Added: portfolio of counterparties.
The Company also has credit protection within various agreements to call on additional collateral support if and when necessary.
15 unchanged sentences
(b) The figures in the tables above exclude potential counterparty credit exposure related to RTOs, ISOs, registered commodity exchanges and certain long-term contracts
−Removed: The Company has exposure to one wholesale counterparty in excess of 10% of the total net exposure discussed above as of December 31, 2023.
+Added: The Company had no exposure to wholesale counterparties in excess of 10% of the total net exposure discussed above as of December 31, 2024.
Changes in hedge positions and market prices will affect credit exposure and counterparty concentration.
16 unchanged sentences
The losses may result from both nonpayment of customer accounts receivable and the loss of in-the-money forward value.
−Removed: The Company manages retail credit risk through the use of established credit policies, which include monitoring of the portfolio and the use of credit mitigation measures such as deposits or prepayment arrangements.
+Added: The Company manages retail
+Added: credit risk through the use of established credit policies, which include monitoring of the portfolio and the use of credit mitigation measures such as deposits or prepayment arrangements.
As of December 31, 2024, the Company's retail customer credit exposure to Home and Business customers was diversified across many customers and various industries, as well as government entities.
2 unchanged sentences
During the year ended December 31, 2022, the provision for credit losses included the Company's loss mitigation efforts recognized as income of $126 million related to Winter Storm Uri.
−Removed: During the year ended December 31, 2021, the provision for credit losses included $596 million of expenses due to the impacts of Winter Storm Uri.
Liquidity Risk
8 unchanged sentences
NRG's risk management policies allow the Company to reduce interest rate exposure from variable rate debt obligations.
−Removed: In the first quarter of 2023, the Company entered into $1.0 billion of interest rate swaps through 2027 to hedge the floating rate on the Term Loan acquired with the Vivint Smart Home acquisition.
−Removed: Additionally, in the first quarter of 2023, the Company had entered into interest rate swaps to hedge the floating rate on the Revolving Credit Facility extending through 2024, which was fully terminated in conjunction with the pay down of the Revolving Credit Facility.
+Added: In November 2024, the Company entered into $700 million of interest rate swaps through 2029 to hedge the floating rate on the Term Loans.
As of December 31, 2024, the Company's debt fair value was $10.8 billion and carrying value was $10.9 billion.
15 unchanged sentences
Item 8 — Financial Statements and Supplementary Data
−Removed: The financial statements and schedules are included in Part IV, Item 15 of this Form 10-K.
+Added: The financial statements and schedules are included in Part IV, Item 15 of this Annual Report on Form 10-K.
Item 9 — Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.