IRVING, Texas, Jan. 17, 2019 /PRNewswire/ -- Today the
Public Utility Commission of Texas
(PUCT) took an important and necessary step to ensure the long-term
reliability of the electric market while balancing the cost to
consumers. The state's electric system is critical to the strength
of the Texas economy and this
decision sends the proper signal of confidence that the competitive
electric market can deliver reliable and affordable electricity for
Texans. Vistra Energy (NYSE: VST) supports this reasoned
action and is appreciative of the careful consideration and
substantial time the PUCT has given to this significant effort.
Since 2002, competition in Texas has produced among the lowest wholesale
electric prices and one of the most reliable systems in
the United States. Residential and
business customers have benefited greatly from the competitive
electric market. As the Texas
electric system evolves from older, less-efficient technology,
proper price signals must be sent to incentivize investment in
maintaining the existing generation facilities and developing new,
more efficient technology to continue the reliable and
competitively priced access to electricity by Texas consumers.
"This thoughtful move by the PUCT is all about the continued
reliability of the electric market and support for the growing
Texas economy, and was made after
significant, broad-based input," said Curt
Morgan, President and CEO of Vistra Energy. "We believe this
is the right decision for the long-term success of the competitive
electric market and for consumers in Texas."
As a leader in the Texas
competitive electric business, Vistra has recently invested in new
technology in the Texas electric
market including a significant solar facility in Upton
County and an associated 10 MW / 42 MWh battery storage
facility. Vistra has over 1500 MW of projects under consideration
to expand its current operations and potentially invest in new
electric generation facilities over the next few years. We expect
that the PUCT's decision today will help to support these potential
market-based investments.
Media
Allan Koenig
214-875-8004
Media.Relations@vistraenergy.com
Analysts
Molly Sorg
214-812-0046
Investor@vistraenergy.com
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 5,400 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, solar, and battery storage facilities.
The company is currently developing the largest battery energy
storage system of its kind in the world – a 300-MW/1,200-MWh system
in Moss Landing, California.
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