IRVING, Texas, Sept. 29, 2020 /PRNewswire/ -- Vistra (NYSE:
VST) today announced a comprehensive plan to accelerate its
transition to clean power generation sources and advance efforts to
significantly reduce its carbon footprint. The company launched
Vistra Zero, a portfolio of zero-carbon power generation
facilities, including seven new developments announced today in its
primary market of ERCOT that total nearly 1,000 megawatts. In
addition, the company committed to more ambitious long-term
emissions reduction targets, released its first climate report, and
announced its intention to retire all of its generation
subsidiaries' coal plants in Illinois and Ohio.
![Vistra Logo (PRNewsfoto/Vistra) Vistra Logo (PRNewsfoto/Vistra)](https://mma.prnewswire.com/media/1213334/Vistra_Logo.jpg)
"The aggregate impact of these milestone initiatives is clear:
Vistra's commitment to our transformation to a low-to-no-carbon
future is unequivocal and offers unique opportunities for growth
and innovation," said Curt Morgan,
president and CEO of Vistra. "As evidenced by the actions we take
and investments we make, Vistra is paving its way for a sustainable
future – economically and environmentally – and we've been focused
on transitioning our generation portfolio for the benefit of the
environment, our customers, our communities, our people, and our
shareholders."
Morgan continued, "Importantly, Vistra's leadership on these
issues will not impact our core mission to provide consumers with
reliable, affordable, and sustainable energy while lowering
emissions. Electricity is an essential resource, and the demand for
it will continue to grow as climate initiatives are implemented and
the economy is further electrified. So, while the way we produce
electricity is changing, our essential role in the process and core
mission will not. Vistra is well-positioned to not only prove our
resiliency during this important transformation to cleaner
generation sources, but to lead the way. Our value proposition has
never been stronger, and our sustainability has never been clearer.
We are confident over time that the severe under-valuation of our
stock price will be recognized, and our fair value achieved."
New Zero-Carbon Development Projects: Vistra Zero
Vistra, which is already developing the world's largest battery
energy storage project, the 400-MW/1,600-MWh Moss Landing Energy
Storage Facility in California,
today announced that it is breaking ground on six new solar
projects and one battery energy storage project. These new
zero-carbon developments, which are part of a newly launched Vistra
Zero portfolio, represent a capital investment of approximately
$850 million and are all located in
the attractive Texas ERCOT market where Vistra has a leadership
position:
Expected online in 2021
- Andrews Solar Facility, Andrews
County – 100 MW
- Brightside Solar Facility, Live Oak
County – 50 MW
- Emerald Grove Solar Facility, Crane
County – 108 MW
- Upton 2 Solar and Energy
Storage Facility – Phase III, Upton
County – 10 MW solar
-
- Additional solar capacity to be added to the already
operational facility, bringing its total solar capacity to 190
MW
Expected online in 2022
- DeCordova Energy Storage Facility, Hood County – 260 MW/260 MWh
-
- Co-located on site of Luminant's natural gas-fueled
DeCordova Power Plant
- Forest Grove Solar Facility, Henderson County – 200 MW
- Oak Hill Solar Facility, Rusk
County – 200 MW
The Vistra Zero portfolio also includes the company's existing
nuclear, renewable, and energy storage facilities:
- Comanche Peak Nuclear Power Plant (2,300 MW)
- Upton 2 Solar (180 MW) and
Energy Storage Facility (10 MW/42 MWh)
- Moss Landing Energy Storage Facility (400 MW/1,600 MWh) – 300
MW Phase I expected online December
2020; 100 MW Phase II expected online by August 2021
- Oakland Energy Storage Facility (36.25 MW/ 145 MWh) – expected
online January 2022
Inclusive of its new carbon-free projects, the Vistra Zero
portfolio now consists of approximately 4,000 MW of zero-carbon
assets. In addition, the company continues to evaluate additional
solar and battery projects, including more than 1,000 MW in
Texas, more than 1,000 MW in
California, and approximately 450
MW in Illinois under the Coal to
Solar and Energy Storage Act. Vistra is also exploring potential
future development opportunities at many of the company's existing
power plant sites.
Updated 2030/2050 Emissions Reduction Targets
Consistent with its strategic priorities, the company also
accelerated its greenhouse gas emissions reduction targets. Vistra
is now setting out to achieve a 60% reduction, up from 50%, in
CO2 equivalent emissions by 2030 as compared to a 2010
baseline, and a long-term objective to achieve net-zero carbon
emissions, up from an 80% reduction target, by
20501.
1 Assuming necessary advancements in technology and
supportive market constructs and public policy.
CO2 Reductions Through Coal Retirements
Vistra also announced its next phase of coal plant closures in
Illinois and Ohio. The company expects to retire seven
Luminant power plants, of which the company owns a combined
capacity of more than 6,800 MW, between 2022 and 2027.
By year-end 2022
- Edwards Power Plant, Bartonville,
IL (MISO) – 585 MW previously announced
By year-end 2025 or sooner should economic or other conditions
dictate
- Baldwin Power Plant,
Baldwin, IL (MISO) – 1,185 MW
- Joppa Power Plant, Joppa, IL
(MISO) – 1,002 MW (plus 239 MW of gas-fueled combustion
turbines)1
By year-end 2027 or sooner should economic or other conditions
dictate
- Kincaid Power Plant,
Kincaid, IL (PJM) – 1,108 MW
- Miami Fort Power Plant, North Bend,
OH (PJM) – 1,020 MW
- Newton Power Plant, Newton, IL (MISO) – 615 MW
- Zimmer Power Plant, Moscow, OH
(PJM) – 1,300 MW
These plants, especially those operating in the irreparably
dysfunctional MISO market, remain economically challenged. Today's
retirement announcements are also prompted by upcoming
Environmental Protection Agency filing deadlines, which require
either significant capital expenditures for compliance or
retirement declarations.
"Our team members have gone above and beyond to make these
plants viable, and they have been safely powering these communities
with affordable and reliable electricity for decades," said
Jim Burke, chief operating officer
of Vistra. "The advance notice of these retirements provides us
with ample time to work with our impacted employees and communities
to ease the impact of the closures, including seeking the passage
of the Illinois Coal to Solar and Energy Storage Act. We've proven
ourselves in previous similar situations to live up to our core
principles, taking care of our employees and communities. That will
not change."
Since the company's leadership change in 2016, Vistra and its
subsidiaries have closed or announced the closure of 19 coal plants
totaling more than 16,000 MW across Texas (2018: Big Brown, Monticello, Sandow), Pennsylvania (2018: Northeastern Power Co.),
Ohio (2018: J.M. Stuart, Killen;
no later than 2027: Miami Fort, Zimmer), Illinois (2016: Wood
River; 2019: Coffeen, Duck
Creek, Havana, Hennepin; 2022: Edwards; no later than 2025: Baldwin,
Joppa; no later than 2027:
Kincaid, Newton), and Massachusetts (2017: Brayton Point). In total, Vistra and its
subsidiaries have now retired or announced the retirement of more
than 19,000 MW at 23 coal and natural gas plants since 2010.
1 Vistra has an 80% ownership interest in Joppa Power
Plant that, when combined with its 80-100% ownership interest in
the Joppa combustion turbines,
totals 1,023 MW of the site's total capacity.
Vistra's Climate Report
A comprehensive review of Vistra's climate strategy is contained
in Vistra's first Climate Report, published today in
accordance with the guidance set forth by the Task Force on
Climate-related Financial Disclosures (TCFD). Among other topics,
the Climate Report discusses various climate-related risks and
opportunities that Vistra management has identified as influencing
the company's long-term strategy. Importantly, as an innovative,
market-leading integrated power company, Vistra believes global
climate change mitigation will create significant opportunities for
the company to grow, even as it reduces its total emissions over
the next several decades.
Financial Update
Also this morning, Vistra provided certain financial updates,
including raising and narrowing its 2020 financial guidance,
initiating its 2021 financial guidance, and announcing its
long-term capital allocation plan. Specifically, Vistra:
- Raised and narrowed its 2020 financial guidance:
($ in
millions)
|
Prior
2020
|
Current
2020
|
Ongoing Ops. Adj.
EBITDA1
|
$
3,285 – 3,585
|
$ 3,485 – 3,685
|
Ongoing Ops. Adj.
FCFbG1
|
$
2,160 – 2,460
|
$ 2,375 –
$2,575
|
FCF
Conversion
|
~67%
|
~69%
|
- Initiated its 2021 financial guidance:
($ in
millions)
|
2021
|
Ongoing Ops. Adj.
EBITDA1
|
$
3,075 – 3,475
|
Ongoing Ops. Adj.
FCFbG1
|
$
1,765 – 2,165
|
FCF
Conversion
|
~60%
|
- And announced its long-term capital allocation plan:
($ in
millions)
|
|
|
|
2021
|
2022
|
Debt
Reduction
|
~$550
|
Enhanced
Dividend2
|
~$275
($0.58/share)
|
~$350
($0.76/share)
|
Share
Repurchases
|
Up to
$1,500
|
Transformation
Growth
|
~$650
|
~$500
|
As depicted in the table above, in September 2020 Vistra's board of directors
authorized a $1.5 billion share
repurchase program. The program commences Jan. 1, 2021, does not expire, and replaces any
authorization that remains at the end of 2020 under Vistra's
existing repurchase plan.
With today's financial updates, Vistra is on track to beat its
original guidance midpoint for the fifth year in a row and
potentially even exceed the top end of its original guidance range
— despite a pandemic tail event in 2020. In addition, with the
continued debt reduction in 2021 and 2022 Vistra believes it is
well-positioned to achieve improved credit ratings including the
potential to achieve investment grade ratings over this timeframe.
The company also believes it is well-positioned to consistently
deliver strong long-term earnings into the future, while investing
in the transformation of the company and returning a significant
amount of its free cash flow to its financial stakeholders on an
annual basis.
1 Excludes the Asset Closure segment. Ongoing
Operations Adjusted EBITDA and Ongoing Operations Adjusted FCFbG
are non-GAAP financial measures. See the "Non-GAAP Reconciliation"
tables for further details.
2 Management recommendation; subject to Board of Director's
approval at the applicable time.
Media
Meranda Cohn
Media.Relations@vistracorp.com
214-875-8004
Analysts
Molly Sorg
214-812-0046
Investor@vistracorp.com
About Vistra
Vistra (NYSE: VST) is a leading, Fortune 275 integrated retail
electricity and power generation 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 wholesale 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 50
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 400-MW/1,600-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 our environmental, social, and
governance efforts and read the company's sustainability report at
https://www.vistracorp.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 Corp. ("Vistra") operates and
beliefs of and assumptions made by Vistra'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. 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, the potential impacts of the COVID-19 pandemic on our
results of operations, financial condition and cash flows,
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," "confident", "expect," "seek," "anticipate," "estimate,"
"continue," "will," "shall," "should," "could," "may," "might,"
"predict," "project," "forecast," "target," "potential," "goal,"
"objective," "guidance" and "outlook"), are forward-looking
statements. Readers are cautioned not to place undue reliance on
forward-looking statements. Although Vistra believes that in making
any such forward-looking statement, Vistra'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
to execute upon the contemplated strategic, capital allocation, and
performance initiatives and to successfully integrate acquired
businesses; (iii) actions by credit ratings agencies; (iv) the
severity, magnitude and duration of pandemics, including the
COVID-19 pandemic, and the resulting effects on our results of
operations, financial condition and cash flows; and (v) those
additional risks and factors discussed in reports filed with the
Securities and Exchange Commission by Vistra from time to time,
including the uncertainties and risks discussed in the sections
entitled "Risk Factors" and "Forward-Looking Statements" in
Vistra's annual report on Form 10-K for the year ended Dec. 31, 2019 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 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 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.
VISTRA
CORP.
NON-GAAP
RECONCILIATIONS – PRIOR 2020 GUIDANCE1
(Unaudited)
(Millions of Dollars)
|
|
|
Ongoing
Operations
|
|
Asset
Closure
|
|
Vistra
Consolidated
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
High
|
Net Income
(loss)
|
$
|
849
|
|
|
$
|
1,081
|
|
|
$
|
(95)
|
|
|
$
|
(75)
|
|
|
$
|
754
|
|
|
$
|
1,006
|
|
Income tax
expense
|
252
|
|
|
320
|
|
|
—
|
|
|
—
|
|
|
252
|
|
|
320
|
|
Interest expense and
related charges (a)
|
463
|
|
|
463
|
|
|
—
|
|
|
—
|
|
|
463
|
|
|
463
|
|
Depreciation and
amortization (b)
|
1,600
|
|
|
1,600
|
|
|
—
|
|
|
—
|
|
|
1,600
|
|
|
1,600
|
|
EBITDA before
Adjustments
|
$
|
3,164
|
|
|
$
|
3,464
|
|
|
$
|
(95)
|
|
|
$
|
(75)
|
|
|
$
|
3,069
|
|
|
$
|
3,389
|
|
Unrealized net
(gain)/loss resulting from hedging transactions
|
(29)
|
|
|
(29)
|
|
|
—
|
|
|
—
|
|
|
(29)
|
|
|
(29)
|
|
Impacts of Tax
Receivable Agreement
|
69
|
|
|
69
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|
69
|
|
Non-cash compensation
expenses
|
44
|
|
|
44
|
|
|
—
|
|
|
—
|
|
|
44
|
|
|
44
|
|
Transition and merger
expenses
|
35
|
|
|
35
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
35
|
|
Other, net
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
Adjusted EBITDA
guidance
|
$
|
3,285
|
|
|
$
|
3,585
|
|
|
$
|
(95)
|
|
|
$
|
(75)
|
|
|
$
|
3,190
|
|
|
$
|
3,510
|
|
Interest paid,
net
|
(543)
|
|
|
(543)
|
|
|
—
|
|
|
—
|
|
|
(543)
|
|
|
(543)
|
|
Tax (paid)/received
(c)
|
153
|
|
|
153
|
|
|
—
|
|
|
—
|
|
|
153
|
|
|
153
|
|
Tax receivable
agreement payments
|
(3)
|
|
|
(3)
|
|
|
—
|
|
|
—
|
|
|
(3)
|
|
|
(3)
|
|
Working capital and
margin deposits
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
Reclamation and
remediation
|
(60)
|
|
|
(60)
|
|
|
(126)
|
|
|
(126)
|
|
|
(186)
|
|
|
(186)
|
|
Other changes in other
operating assets and liabilities
|
(80)
|
|
|
(80)
|
|
|
31
|
|
|
31
|
|
|
(49)
|
|
|
(49)
|
|
Cash provided by
operating activities
|
$
|
2,754
|
|
|
$
|
3,054
|
|
|
$
|
(190)
|
|
|
$
|
(170)
|
|
|
$
|
2,564
|
|
|
$
|
2,884
|
|
Capital expenditures
including nuclear fuel purchases and LTSA Prepayments
|
(613)
|
|
|
(613)
|
|
|
—
|
|
|
—
|
|
|
(613)
|
|
|
(613)
|
|
Solar and Moss Landing
development and other growth expenditures
|
(315)
|
|
|
(315)
|
|
|
—
|
|
|
—
|
|
|
(315)
|
|
|
(315)
|
|
(Purchase)/sale of
environmental credits and allowances
|
(39)
|
|
|
(39)
|
|
|
—
|
|
|
—
|
|
|
(39)
|
|
|
(39)
|
|
Other net investing
activities
|
(20)
|
|
|
(20)
|
|
|
—
|
|
|
—
|
|
|
(20)
|
|
|
(20)
|
|
Free cash
flow
|
$
|
1,767
|
|
|
$
|
2,067
|
|
|
$
|
(190)
|
|
|
$
|
(170)
|
|
|
$
|
1,577
|
|
|
$
|
1,897
|
|
Working capital and
margin deposits
|
(2)
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
(2)
|
|
|
(2)
|
|
Solar and Moss Landing
development and other growth expenditures
|
315
|
|
|
315
|
|
|
—
|
|
|
—
|
|
|
315
|
|
|
315
|
|
Purchase/(sale) of
environmental credits and allowances
|
39
|
|
|
39
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|
39
|
|
Transition and merger
expenses
|
38
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|
38
|
|
Transition capital
expenditures
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
Adjusted free cash
flow before growth guidance
|
$
|
2,160
|
|
|
$
|
2,460
|
|
|
$
|
(190)
|
|
|
$
|
(170)
|
|
|
$
|
1,970
|
|
|
$
|
2,290
|
|
|
____________
|
1 Regulation G Table for 2020
Guidance prepared as of November 5, 2019.
|
|
(a)
Includes unrealized gain on interest rate swaps of $21
million.
|
(b)
Includes nuclear fuel amortization of $74 million.
|
(c)
Includes state tax payments.
|
VISTRA
CORP. NON-GAAP
RECONCILIATIONS – CURRENT 2020
GUIDANCE1 (Unaudited) (Millions of Dollars)
|
|
|
Ongoing
Operations
|
|
Asset
Closure
|
|
|
Vistra Consolidated
|
|
|
Low
|
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
High
|
Net Income
(loss)
|
$
|
897
|
|
|
$
|
1,053
|
|
|
$
|
(87)
|
|
|
$
|
(77)
|
|
|
$
|
810
|
|
|
$
|
976
|
|
Income tax
expense
|
249
|
|
|
293
|
|
|
—
|
|
|
—
|
|
|
249
|
|
|
293
|
|
Interest expense and
related charges (a)
|
657
|
|
|
657
|
|
|
—
|
|
|
—
|
|
|
657
|
|
|
657
|
Depreciation and
amortization (b)
|
1,750
|
|
|
1,750
|
|
|
—
|
|
|
—
|
|
|
1,750
|
|
|
1,750
|
|
EBITDA before
Adjustments
|
$
|
3,553
|
|
|
$
|
3,753
|
|
|
$
|
(87)
|
|
|
$
|
(77)
|
|
|
$
|
3,466
|
|
|
$
|
3,376
|
|
Unrealized net
(gain)/loss resulting from hedging transactions
|
(364)
|
|
|
(364)
|
|
|
—
|
|
|
—
|
|
|
(364)
|
|
|
(364)
|
|
Fresh start / purchase
accounting impacts
|
31
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|
31
|
|
Impacts of Tax
Receivable Agreement
|
47
|
|
|
47
|
|
|
—
|
|
|
—
|
|
|
47
|
|
|
47
|
|
Non-cash compensation
expenses
|
59
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|
59
|
|
|
59
|
|
Transition and merger
expenses
|
40
|
|
|
40
|
|
|
1
|
|
|
1
|
|
|
41
|
|
|
41
|
|
Other, net
|
119
|
|
|
119
|
|
|
1
|
|
|
1
|
|
|
120
|
|
|
120
|
|
Adjusted EBITDA
guidance
|
$
|
3,485
|
|
|
$
|
3,685
|
|
|
$
|
(85)
|
|
|
$
|
(75)
|
|
|
$
|
3,400
|
|
|
$
|
3,610
|
|
Interest paid,
net
|
(514)
|
|
|
(514)
|
|
|
—
|
|
|
—
|
|
|
(514)
|
|
|
(514)
|
|
Tax (paid)/received
(c)
|
136
|
|
|
136
|
|
|
—
|
|
|
—
|
|
|
136
|
|
|
136
|
|
Tax receivable
agreement payments
|
(1)
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
(1)
|
|
Working capital and
margin deposits
|
17
|
|
|
17
|
|
|
(5)
|
|
|
(5)
|
|
|
|
12
|
|
|
|
12
|
Reclamation and
remediation
|
(34)
|
|
|
(34)
|
|
|
(94)
|
|
|
(94)
|
|
|
|
(128)
|
|
|
|
(128)
|
Other changes in other
operating assets and liabilities
|
(129)
|
|
|
(129)
|
|
|
|
(3)
|
|
|
|
(3)
|
|
|
(132)
|
|
|
(132)
|
Cash provided by
operating activities
|
$
|
2,960
|
|
|
$
|
3,160
|
|
|
$
|
(187)
|
|
|
$
|
(177)
|
|
|
$
|
2,773
|
|
|
$
|
2,983
|
|
Capital expenditures
including nuclear fuel purchases and LTSA Prepayments
|
(704)
|
|
|
(704)
|
|
|
|
—
|
|
|
|
—
|
|
|
(704)
|
|
|
(704)
|
Solar and Moss Landing
development and other growth expenditures
|
(377)
|
|
|
(377)
|
|
|
|
—
|
|
|
|
—
|
|
|
(377)
|
|
|
(377)
|
(Purchase)/sale of
environmental credits and allowances
|
(253)
|
|
|
(253)
|
|
|
—
|
|
|
—
|
|
|
(253)
|
|
|
(253)
|
|
Other net investing
activities
|
(1)
|
|
|
(1)
|
|
|
7
|
|
|
7
|
|
|
6
|
|
|
6
|
|
Free cash
flow
|
$
|
1,625
|
|
|
$
|
1,825
|
|
|
$
|
(180)
|
|
|
$
|
(170)
|
|
|
$
|
1,445
|
|
|
$
|
1,655
|
|
Working capital and
margin deposits
|
(17)
|
|
|
(17)
|
|
|
5
|
|
|
5
|
|
|
(12)
|
|
|
(12)
|
|
Solar and Moss Landing
development and other growth expenditures
|
377
|
|
|
377
|
|
|
—
|
|
|
—
|
|
|
377
|
|
|
377
|
|
Purchase/(sale) of
environmental credits and allowances
|
253
|
|
|
253
|
|
|
—
|
|
|
—
|
|
|
253
|
|
|
253
|
|
Transition and merger
expenses
|
114
|
|
|
114
|
|
|
10
|
|
|
10
|
|
|
124
|
|
|
124
|
|
Transition capital
expenditures
|
23
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
23
|
|
Adjusted free cash
flow before growth guidance
|
$
|
2,375
|
|
|
$
|
2,575
|
|
|
$
|
(165)
|
|
|
$
|
(155)
|
|
|
$
|
2,210
|
|
|
$
|
2,420
|
|
____________
|
1 Regulation G Table for 2020
Guidance prepared as of September 29, 2020.
|
|
(a)
Includes unrealized loss on interest rate swaps of $181 million (an
incremental loss of $202 million from prior 2020
guidance).
|
(b)
Includes nuclear fuel amortization of $74 million.
|
(c)
Includes state tax payments.
|
|
VISTRA
CORP.
NON-GAAP
RECONCILIATIONS – 2021 GUIDANCE1
(Unaudited)
(Millions of Dollars)
|
|
|
Ongoing
Operations
|
|
Asset
Closure
|
|
Vistra
Consolidated
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
High
|
Net Income
(loss)
|
$
|
607
|
|
|
$
|
920
|
|
|
$
|
(80)
|
|
|
$
|
(60)
|
|
|
$
|
527
|
|
|
$
|
860
|
|
Income tax
expense
|
195
|
|
|
283
|
|
|
—
|
|
|
—
|
|
|
195
|
|
|
283
|
|
Interest expense and
related charges (a)
|
429
|
|
|
429
|
|
|
—
|
|
|
—
|
|
|
429
|
|
|
429
|
|
Depreciation and
amortization (b)
|
1,650
|
|
|
1,650
|
|
|
—
|
|
|
—
|
|
|
1,650
|
|
|
1,650
|
|
EBITDA before
Adjustments
|
$
|
2,881
|
|
|
$
|
3,282
|
|
|
$
|
(80)
|
|
|
$
|
(60)
|
|
|
$
|
2,801
|
|
|
$
|
3,222
|
|
Unrealized net
(gain)/loss resulting from hedging transactions
|
59
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|
59
|
|
|
59
|
|
Fresh start / purchase
accounting impacts
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
Impacts of Tax
Receivable Agreement
|
75
|
|
|
75
|
|
|
—
|
|
|
—
|
|
|
75
|
|
|
75
|
|
Non-cash compensation
expenses
|
45
|
|
|
45
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
45
|
|
Transition and merger
expenses
|
10
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
10
|
|
Other, net
|
3
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
2
|
|
Adjusted EBITDA
guidance
|
$
|
3,075
|
|
|
$
|
3,475
|
|
|
$
|
(80)
|
|
|
$
|
(60)
|
|
|
$
|
2,995
|
|
|
$
|
3,415
|
|
Interest paid,
net
|
(456)
|
|
|
(456)
|
|
|
—
|
|
|
—
|
|
|
(456)
|
|
|
(456)
|
|
Tax (paid)/received
(c)
|
(60)
|
|
|
(60)
|
|
|
—
|
|
|
—
|
|
|
(60)
|
|
|
(60)
|
|
Tax receivable
agreement payments
|
(3)
|
|
|
(3)
|
|
|
—
|
|
|
—
|
|
|
(3)
|
|
|
(3)
|
|
Working capital and
margin deposits
|
60
|
|
|
60
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
60
|
|
Reclamation and
remediation
|
(38)
|
|
|
(38)
|
|
|
(100)
|
|
|
(100)
|
|
|
(138)
|
|
|
(138)
|
|
Other changes in other
operating assets and liabilities
|
1
|
|
|
1
|
|
|
(6)
|
|
|
(6)
|
|
|
(5)
|
|
|
(5)
|
|
Cash provided by
operating activities
|
$
|
2,579
|
|
|
$
|
2,979
|
|
|
$
|
(186)
|
|
|
$
|
(166)
|
|
|
$
|
2,393
|
|
|
$
|
2,813
|
|
Capital expenditures
including nuclear fuel purchases and LTSA Prepayments
|
(771)
|
|
|
(771)
|
|
|
—
|
|
|
—
|
|
|
(771)
|
|
|
(771)
|
|
Solar and Moss Landing
development and other growth expenditures
|
(687)
|
|
|
(687)
|
|
|
—
|
|
|
—
|
|
|
(687)
|
|
|
(687)
|
|
(Purchase)/sale of
environmental credits and allowances
|
(29)
|
|
|
(29)
|
|
|
—
|
|
|
—
|
|
|
(29)
|
|
|
(29)
|
|
Other net investing
activities
|
(20)
|
|
|
(20)
|
|
|
6
|
|
|
6
|
|
|
(14)
|
|
|
(14)
|
|
Free cash
flow
|
$
|
1,072
|
|
|
$
|
1,472
|
|
|
$
|
(180)
|
|
|
$
|
(160)
|
|
|
$
|
892
|
|
|
$
|
1,312
|
|
Working capital and
margin deposits
|
(60)
|
|
|
(60)
|
|
|
—
|
|
|
—
|
|
|
(60)
|
|
|
(60)
|
|
Solar and Moss Landing
development and other growth expenditures
|
687
|
|
|
687
|
|
|
—
|
|
|
—
|
|
|
687
|
|
|
687
|
|
Purchase/(sale) of
environmental credits and allowances
|
29
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|
29
|
|
Transition and merger
expenses
|
28
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|
28
|
|
Transition capital
expenditures
|
9
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
9
|
|
Adjusted free cash
flow before growth guidance
|
$
|
1,765
|
|
|
$
|
2,165
|
|
|
$
|
(180)
|
|
|
$
|
(160)
|
|
|
$
|
1,585
|
|
|
$
|
2,005
|
|
____________
|
1 Regulation G Table for 2021
Guidance prepared as of September 29, 2020.
|
|
(a)
Includes unrealized gain on interest rate swaps of $52
million.
|
(b)
Includes nuclear fuel amortization of $82 million.
|
(c)
Includes state tax payments.
|
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SOURCE Vistra