IRVING, Texas, May 19, 2020 /PRNewswire/ -- Vistra (NYSE: VST)
today announced that, subject to approval by the California Public
Utilities Commission (CPUC), it will expand the size of the battery
energy storage systems at its Moss Landing Power Plant site in
Moss Landing, California. The
company has entered into a 10-year resource adequacy agreement
with Pacific Gas and Electric Company (PG&E) for a
new 100-megawatt/400-megawatt hour battery to complement the
300-MW/1,200-MWh battery already under construction. On
Monday, May 18, PG&E filed its
application with the CPUC to approve the contract, with a decision
expected within 120 days.
"Our Moss Landing site provides a unique opportunity for
extensive battery development with its existing infrastructure and
the physical space needed for even more potential growth. Utilizing
our existing power plant sites allows us to cost-competitively
develop renewable and battery storage assets as we rotate our power
generation portfolio toward carbon-free technologies," said
Curt Morgan, Vistra's president and
CEO. "Vistra is appreciative of the opportunity to, once again,
work with PG&E and the State of
California to help integrate clean energy from renewable
generation sources and ensure reliability of the electric
system."
Today's announcement brings Vistra's total to 436.25 MW/1,745
MWh of battery energy storage under contract in California:
- Moss Landing – Phase I (300
MW/1,200 MWh)
- Moss Landing – Phase II (100
MW/400 MWh)
- Oakland (36.25 MW/ 145
MWh)
Vistra is a market leader in utility-scale battery development:
in addition to its California
projects, the company's 10-MW/42-MWh Upton 2 Battery Storage
Facility came online in December
2018 and is the largest solar-plus-storage system in
Texas. When the Moss Landing battery comes online, it will be
the largest battery of its kind in the world.
"As a company that provides an essential product like
electricity, we feel it's important to balance reliability with
reducing our environmental footprint. We're proud to be a part of
this transition to newer technologies and to develop a world-class
battery project at a site that has been providing Californians with
electricity since 1950," Morgan continued.
Pending the receipt of CPUC approval, Vistra anticipates
construction on the second phase of the Moss Landing battery energy storage project
will commence in July 2020 and will
begin commercial operations prior to Aug. 1,
2021. Phase I remains on schedule to begin operations later
this year in December 2020.
Media
Meranda Cohn
Media.Relations@vistraenergy.com
214-875-8004
Analysts
Molly Sorg
214-812-0046
Investor@vistraenergy.com
About Vistra
Vistra (NYSE: VST) is a premier, integrated, Fortune 300 energy
company based in Irving, Texas,
providing essential resources for customers, commerce, and
communities. Vistra combines an innovative, customer-centric
approach to retail with safe, reliable, diverse, and efficient
power generation. The company brings its products and services to
market in 20 states and the District of
Columbia, including six of the seven competitive markets in
the U.S. and markets in Canada and
Japan, as well. Serving nearly 5
million residential, commercial, and industrial retail customers
with electricity and natural gas, Vistra is the largest competitive
residential electricity provider in the country and offers over 40
renewable energy plans. The company is also the largest competitive
power generator in the U.S. with a capacity of approximately 39,000
megawatts powered by a diverse portfolio, including natural gas,
nuclear, solar, and battery energy storage facilities. In addition,
the company is a large purchaser of wind power. The company is
currently constructing a 300-MW/1,200-MWh battery energy storage
system in Moss Landing,
California, which will be the largest of its kind in the
world when it comes online. Vistra is guided by four core
principles: we do business the right way, we work as a team, we
compete to win, and we care about our stakeholders, including our
customers, our communities where we work and live, our employees,
and our investors. Learn more about Vistra's environmental, social,
and governance efforts and read the company's sustainability report
at https://www.vistraenergy.com/sustainability/.
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. 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
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"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) 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; (ii)
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); (iii) actions by credit ratings
agencies, (iv) with respect to the Crius acquisition, the ability
for Vistra to successfully integrate the Crius business as
currently projected, 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
annual report on Form 10-K for the year ended December 31, 2018 and any subsequently filed
quarterly reports on Form 10-Q.
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