Vistra (TXU Parent) "Held Strong Margins" While Growing Texas Customer Count -- EnergyChoiceMatters.com

Vistra (TXU Parent) "Held Strong Margins" While Growing Texas Customer Count

Overall Residential Count Lower On "Value-Accretive Exits" In Select Northeast Markets

March 1, 2023

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

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In reporting earnings for the fourth quarter and full-year 2022, Vistra Corp. said that it, "held strong margins while growing Texas residential customer counts by almost 2% year-over-year."

Vistra further reported, regarding its retail business:

• "Strong residential and mass business margin and customer counts performance"
• "Large business markets sales performance well ahead of expectations"

Vistra said that the Midwest and Northeast retail market dynamics are improving headed into 2023, "as default service prices are increasing while commodity costs are declining, inverting the dynamic seen in late 2021 and 2022."

Vistra's residential customer count was 2,447,000 as of Q4 2022, versus 2,535,000 as of Q3 2022 and 2,717,000 a year ago. The residential customer count data reflects direct-to-consumer electric/gas residential counts excluding municipal aggregation and international customers

The net decline of 88,000 residential customers from Q3 2022 to Q4 2022 follows a 182,000 decline in Vistra's residential customer count from Q2 2022 to Q3 2022

Vistra said that growth in its residential customer count in ERCOT was offset by a decline in the Midwest and Northeast, "driven by value-accretive exits from NY and CT."

Such exits were first reported by EnergyChoiceMatters.com

Fourth quarter Retail volumes were as follows for the year 2022 (TWh):

                  Q4 2021     Q4 2022
Residential          6.5         6.5
Business            12.2        12.9
Muni-Aggregation     2.6         1.7

Total               21.3        21.2

For the full year 2022, Retail ongoing operations Adjusted EBITDA was $923 million, versus $1,312 million a year ago. Vistra said that Retail 2022 Adj. EBITDA was $223M favorable vs. the midpoint of guidance, "primarily driven by strong residential margins, swing management and customer counts in ERCOT, offset partially by PJM and NY/NE counts and margin."

For the fourth quarter of 2022, Retail ongoing operations Adjusted EBITDA was $359 million, versus $937 million a year ago

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