Slide 1: Second Quarter 2022 Results
Second Quarter 2022 Results August 5, 2022 RESULTS
Slide 2: Safe Harbor Statements
Safe Harbor Statements 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, esti
Slide 3: Agenda
Agenda I. Welcome and Safe Harbor Meagan Horn, VP Investor Relations, Sustainability & Purpose II. Highlights of the Quarter Jim Burke, President and Chief Executive Officer III. Q2 2022 Financial Results Kris Moldovan, Executive Vice President and Chief Financial Officer Vistra Investor Presentatio
Slide 4: Highlights of the Quarter
Highlights of the Quarter Jim Burke, President & Chief Executive Officer VISTRA CORP. 04 Vistra Investor Presentation / Q2 2022 4
Slide 5: Continued Execution on our Strategic Priorities
Continued Execution on our Strategic Priorities Unlocking Vistra’s earnings power to deliver increased shareholder returns and continued growth, by meeting the needs of our customers and communities Driving long-term, sustainable value through our integrated business that provides the stability to p
Slide 6: Q2 2022 Highlights
Q2 2022 Highlights Quarter Results Performance Highlights Ongoing Operations ($ millions) • Retail segment achieved strong margins and customer counts with the best retail Adjusted EBITDA1 $761 residential customer growth quarter for TXU Energy in nearly 15 years Results tracking above midpoint of g
Slide 7: Commodities Update
Commodities Update Power prices remain elevated and continue to provide attractive opportunities to lock in value ERCOT North ATC PJM AD Hub ATC Mass Hub ATC NYMEX $75 $90 $150 $7.00 $6.50 $80 $130 $65 $6.00 $70 $5.50 $110 $55 $60 $5.00 $90 $4.50 $45 $50 $4.00 $70 $40 $3.50 $35 $3.00 $30 $50 $2.50 $
Slide 8: Vistra Zero Update
Vistra Zero Update Over 1,000MW of energy storage and solar currently operating California: Line of Sight to up to Illinois: 450MW of 2,040MW of Energy Storage Coal 2 Solar Projects, supported by 300MW Moss Phase I, Restored REC contracts awarded Q2 2022 100MW Moss Phase II, Restored 300MW 350MW Mos
Slide 9: Q2 2022 Financial Results
Q2 2022 Financial Results Kris Moldovan, Executive Vice President and Chief Financial Officer VISTRA CORP. 04 Vistra Investor Presentation / Q2 2022 9
Slide 10: Q2 2022 Financial Results
Q2 2022 Financial Results Vistra continues to execute and deliver results with operational excellence ONGOING OPERATIONS ADJUSTED EBITDA1 ($ millions) $8542 • Retail: ~$107 million lower than Q2 2021 $761 driven by Q2 2021 self-help initiatives that were one-time benefits, offset by favorable margin
Slide 11: Q2 2022 Capital Allocation Update
Q2 2022 Capital Allocation Update Allocation of capital plan continues to deliver significant returns to our shareholders along with growth of our Vistra Zero portfolio • Executed ~$1.6 billion of the originally authorized $2 billion share repurchase program as of August 2, 2022 (~$400 million remai
Slide 12: Vistra Recap
Vistra Recap Integrated business model enables long-term value creation Executing on our Strategic Priorities Ample liquidity and balance sheet strength supporting the remains our core comprehensive hedging strategy to lock-in significant value focus and positions us well for the energy transition $
Slide 13: Appendix
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Slide 14: Vistra Zero
Vistra Zero VISTRA CORP. 04 Vistra Investor Presentation / Q2 2022 14
Slide 15: Vistra Zero Portfolio
Vistra Zero Portfolio Projects listed below represent only planned projects that have been announced. Vistra expects to grow the portfolio to ~7,300 MW by 2026 Capacity Asset Location ISO Status In-Service Year1 (MW) NUCLEAR Comanche Peak Glen Rose, TX ERCOT 2,300 Online 1990 SOLAR Upton 2 Upton Cou
Slide 16: Brightside and Emerald Grove Solar Facilities
Brightside and Emerald Grove Solar Facilities Brightside and Emerald Grove bring a combined 158MW of solar capacity to the ERCOT grid; announced online as of April and June 2022, respectively Brightside Emerald Grove Vistra Investor Presentation / Q2 2022 16
Slide 17: DeCordova Energy Storage Facility
DeCordova Energy Storage Facility DeCordova is a 260MW / 260MWh energy storage system co-located at Luminant's natural gas-fueled DeCordova Power Plant; announced online as of May 2022 Vistra Investor Presentation / Q2 2022 17
Slide 18: Moss Landing Energy Storage Facility
Moss Landing Energy Storage Facility Phase III of the Moss Landing Energy Storage Facility will bring the site's total energy storage capacity to 750MW / 3,000MWh Vistra Investor Presentation / Q2 2022 18
Slide 19: Quarterly Business Disclosures
Quarterly Business Disclosures VISTRA CORP. 04 Vistra Investor Presentation / Q2 2022 19
Slide 20: Sustainability: Environmental Stewardship
Sustainability: Environmental Stewardship Vistra is targeting net-zero by 2050 and advancing its transformation via planned retirements of coal plants and investments in solar and batteries EMISSIONS REDUCTIONS PORTFOLIO TRANSFORMATION Scope 1 and Scope 2 GHG Emissions 60% by (in MMtCO2e) ~3,300 MW1
Slide 21: Sustainability: Social Responsibility & Governance
Sustainability: Social Responsibility & Governance Vistra’s Purpose: Lighting up people’s lives, powering a better way forward PEOPLE AND COMMUNITIES GOVERNANCE Diversity, Equity, and Inclusion • Oversight of Vistra’s ESG initiatives is governed by the full Vistra board, with oversight of subject ma
Slide 22: Corporate Debt Profile
Corporate Debt Profile A strong balance sheet is core to Vistra’s strategy. Accordingly, Vistra is committed to a long- term net leverage target (excluding any non-recourse debt at Vistra Zero) of less than 3x ($ millions) Q2 2022 Funded Revolving Credit Facility and Commodity Linked RCF $1,300 Term
Slide 23: Select Debt Balances
Select Debt Balances Funded Debt Tranches As of June 30, 20221 ($ millions) Issuer Series Principal Outstanding Secured Debt Vistra Operations Senior Secured Term Loan B-3 due December 2025 $2,529 Vistra Operations 4.875% Senior Secured Notes due May 2024 400 Vistra Operations 3.550% Senior Secured
Slide 24: Capital Expenditures
Capital Expenditures Projected Capital Expenditures1 ($ millions) 2022E Nuclear & Fossil Maintenance2,3 $570 Nuclear Fuel 117 Solar and energy storage Non-Recurring4 72 development spend is tracking below estimates shown here, primarily due Solar & Energy Storage Development5 1,002 to a deferral of
Slide 25: Second Quarter Retail Metrics
Second Quarter Retail Metrics Q2 2022 Retail Highlights Retail Volume All markets (electric volumes in TWh) ✓ Grew residential counts in Texas in the quarter and year over year with strong customer satisfaction 25.1 22.1 2.5 results 2.5 ✓ Best residential customer growth quarter for TXU 13.9 11.9 En
Slide 26: Second Quarter Generation Metrics
Second Quarter Generation Metrics TOTAL GENERATION CAPACITY FACTOR (CCGT) TWhs Q2 2021 Q2 2022 YTD 2021 YTD 2022 % Q2 2021 Q2 2022 YTD 2021 YTD 2022 TEXAS 17.3 17.5 35.3 35.2 TEXAS 38% 44% 38% 39% EAST 12.1 11.4 26.0 25.7 EAST 50% 48% 55% 55% WEST 1.1 0.9 2.4 2.1 WEST 49% 38% 53% 46% SUNSET 6.5 5.2
Slide 27: Hedge Profile & Portfolio Sensitivities
Hedge Profile & Portfolio Sensitivities Effective: 6/30/2022 2022 2023 TEXAS WEST EAST SUNSET TOTAL TEXAS WEST EAST SUNSET TOTAL Nuclear/Renewable/Coal Gen Position Expected Generation (TWh) 25 - - 16 41 46 - - 20 66 % Hedged 95% - - 97% 96% 85% - - 75% 82% Net Position 1 - - 1 2 7 - - 5 12 Sensitiv
Slide 28: Market Pricing
Market Pricing Effective: 6/30/2022 Jul-Dec'22 2023 Jul-Dec'22 2023 Power (ATC, $/MWh) Spark Spreads ($/mwhr) ERCOT North Hub $83.61 $54.53 Approx. Contrib ution ERCOT West Hub $75.88 $46.99 ERCOT PJM AD Hub $82.51 $57.89 ERCOT North Hub-Houston Ship Channel 90% $42.74 $18.51 PJM Ni Hub $72.46 $49.0
Slide 29: Capacity Positions
Capacity Positions Effective: 6/30/2022 Segment Market Tenor MW Position Average Price Segment Market Tenor MW Position Average Price PJM1 $/mw-day CAISO RTO 2021/2022 3,466 $136.91 WEST 2022 1,247 2022/2023 3,332 $47.29 2023 1,547 2023/2024 3,134 $35.46 PJM $/mw-day ComEd 2021/2022 1,415 $206.84 RT
Slide 30: Asset Fleet Details
Asset Fleet Details Net Capacity Ownership Asset Location ISO Technology Primary Fuel (MW)1 Interest2 Ennis Ennis, TX ERCOT CCGT Gas 366 100% Forney Forney, TX ERCOT CCGT Gas 1,912 100 Hays San Marcos, TX ERCOT CCGT Gas 1,047 100 Lamar Paris, TX ERCOT CCGT Gas 1,076 100 Midlothian Midlothian, TX ERC
Slide 31: Asset Fleet Details (cont'd)
Asset Fleet Details (cont’d) Net Capacity Ownership Asset Location ISO Technology Primary Fuel (MW)1 Interest2 Independence Oswego, NY NYISO CCGT Gas 1,212 100% Bellingham Bellingham, MA ISO-NE CCGT Gas 566 100 Blackstone Blackstone, MA ISO-NE CCGT Gas 544 100 Casco Bay Veazie, ME ISO-NE CCGT Gas 54
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations VISTRA CORP. 04 Vistra Investor Presentation / Q2 2022 32
Slide 33: Non-GAAP Reconciliations – Q2 2022 Adjusted EBITDA
Non-GAAP Reconciliations – Q2 2022 Adjusted EBITDA VISTRA CORP. – NON-GAAP RECONCILIATIONS THREE MONTHS ENDED JUNE 30, 2022 (Unaudited) (Millions of Dollars) Eliminations / Ongoing Asset Vistra Retail Texas East West Sunset Corp. and Operations Closure Consolidated Other Consolidated Net Income (los
Slide 34: Non-GAAP Reconciliations – Q2 2022 Adjusted EBITDA
Non-GAAP Reconciliations – Q2 2022 Adjusted EBITDA VISTRA CORP. – NON-GAAP RECONCILIATIONS SIX MONTHS ENDED JUNE 30, 2022 (Unaudited) (Millions of Dollars) Eliminations / Ongoing Asset Vistra Retail Texas East West Sunset Corp. and Operations Closure Consolidated Other Consolidated Net Income (loss)
Slide 35: Non-GAAP Reconciliations – Q2 2021 Adjusted EBITDA
Non-GAAP Reconciliations – Q2 2021 Adjusted EBITDA VISTRA CORP. – NON-GAAP RECONCILIATIONS THREE MONTHS ENDED JUNE 30, 2021 (Unaudited) (Millions of Dollars) Eliminations / Ongoing Asset Vistra Retail Texas East West Sunset Corp. and Operations Closure Consolidated Other Consolidated Net Income (los
Slide 36: Non-GAAP Reconciliations – Q2 2021 Adjusted EBITDA
Non-GAAP Reconciliations – Q2 2021 Adjusted EBITDA VISTRA CORP. – NON-GAAP RECONCILIATIONS SIX MONTHS ENDED JUNE 30, 2021 (Unaudited) (Millions of Dollars) Eliminations / Ongoing Asset Vistra Retail Texas East West Sunset Corp. and Operations Closure Consolidated Other Consolidated Net Income (loss)
Slide 37: Non-GAAP Reconciliations – 2022 Guidance
Non-GAAP Reconciliations – 2022 Guidance VISTRA CORP. – NON-GAAP RECONCILIATIONS 2022 GUIDANCE1 (Unaudited) (Millions of Dollars) Ongoing Operations Asset Closure Vistra Consolidated Low High Low High Low High Net Income (loss) 1,027 1,401 (140) (40) 887 1,361 Income tax expense 301 427 - - 301 427
Slide 38: Non-GAAP Reconciliations – 2022 Guidance
Non-GAAP Reconciliations – 2022 Guidance VISTRA CORP. – NON-GAAP RECONCILIATIONS 2022 GUIDANCE1 FOOTNOTES (Unaudited) (Millions of Dollars) 1 Regulation G Table for 2022 Guidance prepared as of November 5, 2021. (a) Includes unrealized (gain) / loss on interest rate swaps of ($50) million. (b) Inclu