Vistra Reports Nearly Half a Billion Negative Impact To Retail Segment From Winter Storm Uri -- EnergyChoiceMatters.com

Vistra Reports Nearly Half a Billion Negative Impact To Retail Segment From Winter Storm Uri

Reports Marginal Decrease In Total Retail Customer Count During Q1

May 4, 2021

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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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Vistra reported Q1 2021 earnings in a 10-Q filed today.

For Vistra's Retail segment, Adjusted EBITDA from Ongoing Operations was $(199) million in Q1 2021, versus $311 million a year ago, driven by the impact of Winter Storm Uri in Texas

Specifically, Vistra's Retail segment reported a $(432) million impact from Winter Storm Uri. Lower margins from Winter Storm Uri negatively impacted Retail Q1 2021 Adjusted EBITDA by $(489) million. Higher SG&A and bad debt expense negatively impacted Retail Q1 2021 Adjusted EBITDA by $(21) million

On a consolidated basis (all segments), Vistra's Adjusted EBITDA from Ongoing Operations was $(1,227) million in Q1 2021, versus $851 million a year ago, driven by the impact of Winter Storm Uri in Texas

In a 10-Q, Vistra said that the weather event resulted in a $2.9 billion negative impact on the Company's pre-tax earnings in the three months ended March 31, 2021. The primary drivers of the loss were the need to procure power in ERCOT at market prices at or near the price cap due to lower output from its natural gas-fueled power plants driven by natural gas deliverability issues, lower margins from its natural gas-fueled power plants due to extremely high fuel costs, and, to a lesser extent, operational challenges associated with Winter Storm Uri.

Vistra had previously reported further details concerning the consolidated impact of the weather event, which can be seen in our story from last week (click here). Vistra had also last week reported an update on its liquidity and guidance (see story here)

Vistra's residential customer count across all markets as of Q1 2021 was 2.728 million, down from 2.736 million as of Q4 2020 and 2.791 million a year ago. The residential customer count reflects direct-to-consumer electric/gas residential customer counts excluding municipal-aggregation and international customers

The net loss of 8,000 customers from Q4 2020 to Q1 2021 compares to a net increase of 12,000 residential customers from Q3 2020 to Q4 2020.

Vistra said that, in Texas, it, "grew residential customer counts year-over-year in ERCOT through our multi-brand and channel strategy and exceeded expectations in the quarter."

"In the wake of winter storm Uri, customers remained loyal to our legacy TXU Energy and Ambit brands and switched to many of our value-based brands," Vistra said

Retail volumes for the first quarter were as follows by customer segment (in TWh):

Vistra Retail Volumes (TWh)
            Q1 2020   Q1 2021
Residential   7.1       8.0
Business     10.9      11.0
Muni Agg.     2.9       2.9

Total        21.0      21.9

Retail volumes for the first quarter were as follows by geographic market (in GWh):

Vistra Retail Volumes (GWh)
                    Q1 2020   Q1 2021
ERCOT               11,790     12,847
Northeast/Midwest    9,204      9,050

Total                20,994    21,897

Q1 2021 operating revenues for the Retail segment were $1.75 billion, versus $1.908 billion a year ago.

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