IRVING, Texas, Feb. 17, 2021 /PRNewswire/ -- Vistra (NYSE: VST),
through its integrated retail and power generation business, is
committed to providing an essential product – electricity – and
exceptional customer service every day of the year, and especially
during this historic winter storm.
"Our people have worked around the clock, across the company and
especially at our power plants, under difficult circumstances and
continue to do so. We know that many of our fellow Texans are
without electricity and are suffering through this unprecedented
winter weather event. We are committed to doing everything possible
to provide electricity to them with the utmost urgency," said
Curt Morgan, CEO of
Vistra.
Vistra is powered by a diverse fleet of generation sources, made
up of nuclear, natural gas, coal, solar, and battery energy
storage. While the weather has created a number of challenges, of
the company's nearly 19,000 megawatts of capacity, only
approximately 1,000 megawatts are currently not able to produce
electricity. Most of the remaining 18,000 megawatts are producing
electricity with the balance of the capacity constrained due to
challenges with receiving a steady supply of fuel for some plants
as well as challenges with handling fuel already on site given the
freezing conditions. Luminant, Vistra's generation subsidiary, is
working with the electric utilities, natural gas pipelines and
producers, and the railroad companies to obtain as much fuel supply
as possible.
Power plant teams executed a significant winter preparedness
strategy to keep electricity flowing to the Texas power grid during this unprecedented,
extended winter weather event. Through these efforts and dealing
with the challenges with fueling, Vistra estimates that it was able
to produce approximately 25-30% of the power on the grid Monday and
Tuesday, compared to its market share of capacity of approximately
18%.
Luminant has a winter weather preparedness process that includes
an extensive checklist of items to review prior to the start of the
season. This process includes installing windbreaks and large
radiant heaters to supplement existing freeze protection and
insulation, and performing preventative maintenance on freeze
protection equipment such as the insulation and automatic circuitry
designed to keep pipes from freezing. Around-the-clock weather
monitoring, especially of critical instruments, occurs as well as
coordination with ERCOT, the Public Utilities Commission of
Texas, and the Railroad Commission
of Texas.
Vistra recognizes that this unprecedented winter weather event
in Texas is not over and we are
continuing to focus on taking every action possible to keep our
plants online, delivering the maximum electricity possible to
Texans.
About Vistra
Vistra (NYSE: VST) is a premier, integrated, Fortune 275 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 approximately 4.3
million residential, commercial, and industrial retail customers
with electricity and natural gas, Vistra is one of the largest
competitive electricity providers 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 is 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
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.
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SOURCE Vistra Corp.