NRG – NRG Energy, Inc. (NYSE)

From the 10K

So obviously anything designated as 'NPNS' is not marked-to-market but on an accrual basis.

FX is on an accrual basis

From Note 5

So this is 'trading', which was one of the criticisms of the WSJ article.

So let's look at the breakdown:

So the margin cushion = +/- 12%

LOL.

So the reason provided for such a low margin is that '…may include policies that…

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