IRVING, Texas, Jan. 6, 2021 /PRNewswire/ -- Vistra (NYSE: VST)
today announced that its Moss Landing Energy Storage Facility
connected to the power grid and began operating on Dec. 11, 2020. At 300 megawatts/1,200
megawatt-hours, the lithium-ion battery storage system, located
on-site at Vistra's Moss Landing Power Plant in Monterey County, California, will be the
largest of its kind in the world. Furthermore, construction is
already underway on Phase II, which will add an additional 100
MW/400 MWh to the facility by August
2021, bringing its total capacity to 400 MW/1,600
MWh.
![Vistra Corp. Logo (PRNewsfoto/Vistra Corp.) Vistra Corp. Logo (PRNewsfoto/Vistra Corp.)](https://mma.prnewswire.com/media/1393749/Vistra_Corp_Logo.jpg)
"This is a keystone project and it is important in so many ways
– it revitalizes an existing power plant site and utilizes active
transmission lines, enhances grid stability, fills the reliability
gap created by intermittent renewables, provides emission-free
electricity, supports California's
sustainability goals and mandates, significantly benefits the local
community, and ultimately provides affordable electricity to
consumers," said Curt Morgan, chief
executive officer of Vistra. "A battery system of this size and
scale has never been built before. As our country transitions to a
clean energy future, batteries will play a pivotal role and the
Vistra Moss Landing project will serve as the model for
utility-scale battery storage for years to come."
Housed inside the power plant's completely refurbished former
turbine building and spanning the length of nearly three football
fields, Phase I of the battery system can power approximately
225,000 homes during peak electricity pricing periods. The system
is made up of more than 4,500 stacked battery racks or cabinets,
each containing 22 individual battery modules, which capture excess
electricity from the grid, largely during high solar-output hours,
and can release the power when energy demand is at its highest and
solar electricity is declining, usually early morning and late
afternoon.
Phases I and II of the Vistra Moss Landing Energy Storage
Facility are backed up by long-term resource adequacy contracts
with Pacific Gas and Electric Company (PG&E).
"We appreciate the strong working relationship we've developed
with PG&E on multiple projects and look forward to continuing
to help meet its resource adequacy requirements and provide clean,
reliable, and affordable power to Californians," Morgan said.
Vistra's Moss Landing site
provides a unique opportunity for extensive future expansion of the
battery storage system. With its existing infrastructure and the
physical space for potential growth, this world-class
industrial-zoned site can support up to 1,500 MW/6,000 MWh of
storage capacity should market and economic conditions support it.
With the development permit already in place and the site in
condition for expansion, Vistra will be able to move quickly when
that time comes.
Vistra is a market leader in utility-scale battery energy
storage development and commercialization. Its Moss Landing project is the flagship of its
4,000-MW zero-carbon Vistra Zero portfolio, which includes a
total of five battery projects in California and Texas:
- Upton 2 (10 MW/42 MWh) –
online December 2018
- Moss Landing – Phase I (300
MW/1,200 MWh) – online December
2020
- Moss Landing – Phase II (100
MW/400 MWh) – expected online by August
2021
- Oakland (36.25 MW/145 MWh) –
expected online 2022
- DeCordova (260 MW/260 MWh) – expected online 2022
Support for Vistra Moss Landing Energy Storage
Project
California State Senator John
Laird said, "As the largest of its kind in the
world, the Vistra Zero Moss Landing Energy Storage Facility will
store renewable energy, releasing it when it is needed most. It is
meaningful, ambitious projects like these that will help to pave
the way to a 100% clean energy future for California and the rest of the world."
Monterey County Supervisor
John M. Phillips said,
"When people think about Moss
Landing energy, they usually envision the landmark power
plant and its two tall smokestacks. In fact, Vistra's Moss Landing
Energy Storage Facility will be the largest battery storage
facility of its kind in the world and will provide a tremendous
amount of reliable, clean energy. Vistra continues to be an
outstanding community partner and reliable steward of the historic
Moss Landing Power Plant."
Electronic MEDIA KIT, including photos, b-roll,
interviews, and more, is available here.
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, the largest of its kind in the world. 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
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"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.
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SOURCE Vistra Corp.