IRVING, Texas, Sept. 15, 2021 /PRNewswire/ -- Governor
J.B. Pritzker signed into law SB
2408, the Energy Transition Act, a sweeping and comprehensive
measure designed to move the State of
Illinois to 100% clean energy, support a responsible
transition away from carbon-intense power generation, and spur
further diversity and inclusion in the renewable energy industry.
Vistra (NYSE: VST) supported the legislation, which incorporated
the company's legislative priority known as the Coal to Solar &
Energy Storage Act. As enacted, the legislation supports the
company's future build and operation of up to 300 MW of
utility-scale solar and 150 MW of battery energy storage facilities
at nine retired or to-be-retired coal plant sites across central
and southern Illinois.
"We commend Illinois' leaders
and are grateful that they have taken bold action through a
comprehensive measure that includes a first-in-the-nation program
to transition the state's fleet of legacy coal plant sites into
zero-emission, renewable energy centers. Coal to Solar is good for
the environment, plant communities, consumers, and Illinois' economy," said Curt Morgan, chief executive officer of Vistra.
"With this framework in place, Vistra plans to build the state's
largest fleet of utility-scale solar and battery energy storage
facilities in downstate Illinois
communities to help the state transition to renewable,
zero-emission electricity generation."
The Coal to Solar & Energy Storage Act was sponsored by
Sens. Hastings, Koehler, Rezin, Tracy, and Reps. Evans,
Hoffman, and Welter prior to
incorporation into SB 2408.
"This innovative proposal could not have become part of SB 2408
and passed without the extraordinary leadership, diligence, and
dedication of our sponsors, and Senate President Harmon, Speaker
Welch, and Governor Pritzker. We're excited to get to work to help
my home state decarbonize its electricity portfolio," said
Morgan.
Since acquiring its Illinois
fleet in 2018, Vistra has taken decisive steps to reduce its
greenhouse gas emission profile in the state. The company has
previously announced that its Illinois-based, coal-fueled plants will retire
no later than 2027. After the final coal plant retires, Vistra
projects it will have reduced its in-state greenhouse gas emissions
by 92% in less than a decade.
Vistra proposed the Coal to Solar & Energy Storage Act to
help provide a responsible transition in plant communities and
reuse the considerable infrastructure already at plant sites,
including transmission lines and interconnects.
"Vistra is committed to the transition away from carbon-intense
generation, but we can't overlook the impact plant retirements have
on workers and plant communities who face an uncertain future,"
said Morgan. "We will support our dedicated energy workers, provide
certainty, and have an orderly retirement process. This innovative
framework facilitates action and reinvestment at our downstate
Illinois plant sites, ensuring
they can remain the economic engines for decades to come, providing
a responsible and just transition for plant communities."
Vistra supported several other initiatives in the Energy
Transition Act regarding labor standards, increased contracting
opportunities for diverse-owned businesses in the energy industry,
and the utilization of a diverse and inclusive workforce at
renewable energy job sites.
An economic impact study commissioned by Vistra estimated that
its nine-site construction program would create more than 2,200
full-time equivalent jobs, generate over $180 million in earnings for workers and add over
$300 million to the state's economic
output from 2022 to 2025, all in downstate Illinois communities.
Vistra estimates it will invest over $550
million to build the Coal to Solar & Energy Storage Act
portfolio in Illinois. Pending all
necessary regulatory and local approvals, Vistra intends to
construct six combined utility-scale solar and battery energy
storage sites and three stand-alone battery energy storage
sites.
As passed, the legislation would support Vistra's development of
the following projects:
Combined Utility-Scale Solar & Battery Energy Storage
Sites:
- Baldwin, 68 MW Solar, 9 MW Battery Energy Storage
- Coffeen, 44 MW Solar, 6 MW
Battery Energy Storage
- Duck Creek, 20 MW Solar, 3 MW Battery Energy Storage
- Hennepin, 50 MW Solar, 6 MW
Battery Energy Storage
- Kincaid, 60 MW Solar, 8 MW
Battery Energy Storage
- Newton, 52 MW Solar, 7 MW Battery Energy Storage
Stand-Alone Battery Energy Storage Sites, at plant sites that
did not have the characteristics to support utility-scale solar
development:
- Edwards, 37 MW Battery Energy Storage
- Havana, 37 MW Battery Energy
Storage
- EEI/Joppa, 37 MW Battery
Energy Storage
Vistra anticipates several projects beginning to enter
commercial service starting in 2023, and all projects are expected
to enter commercial service by 2025.
More information about the Illinois Coal to Solar & Energy
Storage initiative is accessible
at www.renewillinoispower.com.
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 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,
Vistra is a large purchaser of wind power. The company owns and
operates the 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
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market and industry developments and the growth of our businesses
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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 its contemplated strategic, capital allocation,
performance, and cost-saving 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; (v) the
severity, magnitude and duration of extreme weather events
(including winter storm Uri), contingencies and uncertainties
relating thereto, most of which are difficult to predict and many
of which are beyond our control, and the resulting effects on our
results of operations, financial condition and cash flows; and (vi)
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 December 31, 2020, 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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