IRVING, Texas, Aug. 24, 2018 /PRNewswire/ -- Luminant, a
subsidiary of Vistra Energy (NYSE: VST), today announced that it
filed a notice of suspension of operations with PJM and other
mandatory regulatory notifications related to the retirement of its
51-megawatt waste coal facility, Northeastern Power Company, in
McAdoo, Pennsylvania, due to its
uneconomic operations and negative financial outlook. Following the
receipt of regulatory approvals, the plant is expected to close in
late 2018.
Luminant estimates fewer than 25 full-time positions will be
affected by this decision. Eligible employees will be offered
severance benefits and outplacement assistance. The company will
take the necessary and required steps to decommission the facility,
including working with the key constituents.
Northeastern Power Company Information
Location: McAdoo (Schuylkill County), Pennsylvania
Fuel Type: Waste anthracite coal
Generating Capacity: 51 megawatts
Electricity Market: PJM
Commercial Operation Date: 1989
Media
Allan Koenig
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About Vistra Energy
Vistra Energy (NYSE: VST) is a
premier, integrated power company based in Irving, Texas, combining an innovative,
customer-centric approach to retail with a focus on safe, reliable,
and efficient power generation. Through its retail and generation
businesses which include TXU Energy, Homefield Energy, Dynegy, and
Luminant, Vistra operates in 12 states and six of the seven
competitive markets in the U.S., with about 6,000 employees.
Vistra's retail brands serve approximately 2.9 million residential,
commercial, and industrial customers across five top retail states,
and its generation fleet totals approximately 41,000 megawatts of
highly efficient generation capacity, with a diverse portfolio of
natural gas, nuclear, coal, and solar facilities.
Cautionary Note Regarding Forward-Looking Statements
The information presented herein includes forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Exchange Act, as amended. These
forward-looking statements, which are based on current
expectations, estimates and projections about the industry and
markets in which Vistra Energy Corp. ("Vistra Energy") operates and
beliefs of and assumptions made by Vistra Energy's management,
involve risks and uncertainties, which are difficult to predict and
are not guarantees of future performance, that could significantly
affect the financial results of Vistra Energy. All statements,
other than statements of historical facts, that are presented
herein, or in response to questions or otherwise, that address
activities, events or developments that may occur in the future,
including such matters as activities related to our financial or
operational projections, projected synergy, value lever and net
debt targets, capital allocation, capital expenditures, liquidity,
projected Adjusted EBITDA to free cash flow conversion rate,
dividend policy, business strategy, competitive strengths, goals,
future acquisitions or dispositions, development or operation of
power generation assets, market and industry developments and the
growth of our businesses and operations (often, but not always,
through the use of words or phrases, or the negative variations of
those words or other comparable words of a future or
forward-looking nature, including, but not limited to, "intends,"
"plans," "will likely," "unlikely," "believe," "expect," "seek,"
"anticipate," "estimate," "continue," "will," "shall," "should,"
"could," "may," "might," "predict," "project," "forecast,"
"target," "potential," "forecast," "goal," "objective," "guidance"
and "outlook"),are forward-looking statements. . Readers are
cautioned not to place undue reliance on forward-looking
statements. Although Vistra Energy believes that in making any such
forward-looking statement, Vistra Energy's expectations are based
on reasonable assumptions, any such forward-looking statement
involves uncertainties and risks that could cause results to differ
materially from those projected in or implied by any such
forward-looking statement, including but not limited to (i) the
effect of the merger (the "Merger") on Vistra Energy's
relationships with Vistra Energy's and Dynegy Inc.'s ("Dynegy")
respective customers and their operating results and businesses
generally (including the diversion of management time on
integration-related issues); (ii) the risk that the credit ratings
of the combined company or its subsidiaries are different from what
Vistra Energy expects; (iii) adverse changes in general economic or
market conditions (including changes in interest rates) or changes
in political conditions or federal or state laws and regulations;
(iv) the ability of Vistra Energy to execute upon the contemplated
strategic and performance initiatives (including the risk that
Vistra Energy's and Dynegy's respective businesses will not be
integrated successfully or that the cost savings, synergies and
growth from the Merger will not be fully realized or may take
longer than expected to realize); and (v) those additional risks
and factors discussed in reports filed with the Securities and
Exchange Commission ("SEC") by Vistra Energy from time to time,
including the uncertainties and risks discussed in the sections
entitled "Risk Factors" and "Forward-Looking Statements" in Vistra
Energy's quarterly report on Form 10-Q for the fiscal quarter ended
June 30, 2018.
Any forward-looking statement speaks only at the date on which
it is made, and except as may be required by law, Vistra Energy
will not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which it is made or to reflect the occurrence of unanticipated
events. New factors emerge from time to time, and it is not
possible to predict all of them; nor can Vistra Energy assess the
impact of each such factor or the extent to which any factor, or
combination of factors, may cause results to differ materially from
those contained in any forward-looking statement.
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SOURCE Vistra Energy