Vistra Corp. · NYSE:VST
Vistra — Q1 2021 Earnings Presentation
27 slides from Vistra's earnings presentation, May 4, 2021
Slide 1: First Quarter 2021 Results
May 4, 2021 First Quarter 2021 R E S U LT S
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: Safe Harbor Statements (Cont'd)
SAFE HARBOR STATEMENTS (CONT’D) About Non-GAAP Financial Measures and Items Affecting Comparability “Adjusted EBITDA” (EBITDA as adjusted for unrealized gains or losses from hedging activities, tax receivable agreement impacts, reorganization items, and certain other items described from time to tim
Slide 4: Q1 2021 Financial Highlights
Q1 2021 Financial Highlights V i s t ra I n v e s t o r P re s e n t a t io n / Q1 2021
Slide 5: Q1 2021 Financial Results
Q1 2021 FINANCIAL RESULTS Q1 2021 results reflect the one-time financial impact of Winter Storm Uri ONGOING OPERATIONS ADJUSTED EBITDA1 ($ millions) Q1 2020 Q1 2021 Variance Retail $311 $(199) $(510) Generation2 $540 $(1,028) $(1,568) Total $851 $(1,227) ($2,078) • Q1 2021 Adjusted EBITDA from Ongoi
Slide 6: Reissued 2021 Guidance
REISSUED 2021 GUIDANCE Vistra reissued 2021 guidance on April 26 th to reflect the financial impacts of Winter Storm Uri as well as Vistra’s expectation for financial performance for the balance of the year Reissued 2021 Guidance Ongoing Operations ($ millions) Initial 2021 Reissued 2021 (September
Slide 7: Appendix
Appendix V i s t ra I n v e s t o r P re s e n t a t io n / Q1 2021
Slide 8: Sustainability: Environmental Stewardship
SUSTAINABILITY: ENVIRONMENTAL STEWARDSHIP Vistra is targeting Net-Zero by 2050 and is advancing its transformation via planned retirements of coal plants and investments in solar and batteries GHG Emissions Reduction Targets (in MMtCO2e) ~4,000 MW of zero-carbon generation online or 173 39% Reductio
Slide 9: Sustainability: Social Responsibility
SUSTAINABILITY: SOCIAL RESPONSIBILITY Vistra’s Purpose: Lighting up people’s lives, powering a better way forward DIVERSITY AND INCLUSION PEOPLE AND COMMUNITIES Board Composition • Raised nearly $2 million in annual 2020 United Way and TXU Energy Aid giving campaign 30% 20% 90% Independent Female Mi
Slide 10: Corporate Debt Profile
CORPORATE DEBT PROFILE ($ millions) Q1 2021 YE 2021E Term Loan B and Funded Revolver1 $2,564 $2,543 364-Day Term Loan A1,2 1,250 - Senior Secured Notes 3,100 3,100 Senior Unsecured Notes2 3,600 3,600 Accounts Receivable Securitization 725 725 Other3 602 473 Total Long-Term Debt $11,841 $10,441 Less:
Slide 11: Select Debt Balances
SELECT DEBT BALANCES FUNDED DEBT TRANCHES As of March 31, 20211 ($ millions) Issuer Series Principal Outstanding Secured Debt Vistra Operations Senior Secured Term Loan B-3 due December 2025 $2,564 Vistra Operations Senior Secured Term Loan A2 1,250 Vistra Operations 3.550% Senior Secured Notes due
Slide 12: Capital Expenditures
CAPITAL EXPENDITURES PROJECTED CAPITAL EXPENDITURES1 ($ millions) 2021E Nuclear & Fossil Maintenance2,3 $575 Nuclear Fuel 53 Non-Recurring4 60 Growth5 428 Total Capital Expenditures $1,116 Non-Recurring4 (60) Growth5 (428) Adjusted Capital Expenditures $627 1 Capital summary for 2021 prepared as of
Slide 13: First Quarter Retail Metrics
FIRST QUARTER RETAIL METRICS Q1 2021 RETAIL HIGHLIGHTS RETAIL VOLUME All markets (electric volumes in TWh) Grew residential customer counts year-over-year in ERCOT through our multi-brand and channel strategy and exceeded expectations in the quarter 21.0 21.9 2.9 2.9 In the wake of winter storm
Slide 14: First Quarter Generation Metrics
FIRST QUARTER GENERATION METRICS TOTAL GENERATION CAPACITY FACTOR (CCGT) TWhs Q1 2021 Q1 2020 % Q1 2021 Q1 2020 TEXAS 18.0 19.6 TEXAS 39% 51% EAST 13.9 13.1 EAST 60% 56% WEST 1.3 1.5 WEST 57% 69% SUNSET 8.5 5.8 Ong. Ops 41.7 40 Asset 0 0 CAPACITY FACTOR (COAL) Closure % Q1 2021 Q1 2020 COMMERCIAL AV
Slide 15: Hedge Profile & Portfolio Sensitivities
HEDGE PROFILE & PORTFOLIO SENSITIVITIES Effective: 3/31/2021 Balance of 2021 2022 TEXAS WEST EAST SUNSET TOTAL TEXAS WEST EAST SUNSET TOTAL Nuclear/Renewable/Coal Gen Position Expected Generation (TWh) 36 - - 28 64 45 - - 35 81 % Hedged 93% - - 99% 96% 62% - - 65% 63% Net Position 3 - - 0 3 17 - - 1
Slide 16: Market Pricing
MARKET PRICING Effective: 3/31/2021 Apr-Dec'21 2022 Apr-Dec'21 2022 Power (ATC, $/MWh) Spark Spreads ($/mwhr) ERCOT North Hub $32.55 $29.56 Approx. Contribution ERCOT West Hub $28.32 $23.97 ERCOT PJM AD Hub $26.31 $27.19 ERCOT North Hub-Houston Ship Channel 90% $10.14 $7.77 PJM Ni Hub $23.92 $24.49
Slide 17: Capacity Positions
CAPACITY POSITIONS Effective: 3/31/2021 Segment Market Tenor MW Position Average Price PJM $/mw-day RTO 2020/20211 3,429 $75.44 2021/2022 3,426 $136.87 ComEd 2020/2021 1,451 $192.75 2021/2022 1,430 $204.87 MAAC 2020/2021 547 $116.74 2021/2022 548 $150.95 EMAAC 2020/2021 803 $193.90 2021/2022 798 $17
Slide 18: Capacity Positions
CAPACITY POSITIONS Effective: 3/31/2021 Segment Market Tenor MW Position Average Price CAISO1 WEST 2021 1,020 2022 906 PJM $/mw-day RTO 2020/20211 1,936 $110.86 2021/2022 2,059 $123.80 ComEd 2020/2021 888 $221.66 SUNSET 2021/2022 1,059 $196.87 MISO2 $/kw-mo 2020/2021 2,672 $3.04 2021/2022 2,998 $2.3
Slide 19: 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 20: 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 21: Non-GAAP Reconciliations – Q1 2021 Adjusted EBITDA
NON-GAAP RECONCILIATIONS – Q1 2021 ADJUSTED EBITDA VISTRA CORP. – NON-GAAP RECONCILIATIONS THREE MONTHS ENDED MARCH 31, 2021 (Unaudited) (Millions of Dollars) Eliminations / Ongoing Asset Vistra Retail Texas East West Sunset Corp. and Operations Closure Consolidated Other Consolidated Net Income (lo
Slide 22: Non-GAAP Reconciliations – Q1 2021 Adjusted EBITDA
NON-GAAP RECONCILIATIONS – Q1 2021 ADJUSTED EBITDA VISTRA CORP. – NON-GAAP RECONCILIATIONS THREE MONTHS ENDED MARCH 31, 2021 FOOTNOTES (Unaudited) (Millions of Dollars) (a) Includes $88 million of unrealized mark-to-market net gains on interest rate swaps. (b) Includes nuclear fuel amortization of $
Slide 23: Non-GAAP Reconciliations – Q1 2020 Adjusted EBITDA
NON-GAAP RECONCILIATIONS – Q1 2020 ADJUSTED EBITDA VISTRA CORP. – NON-GAAP RECONCILIATIONS THREE MONTHS ENDED MARCH 31, 2020 (Unaudited) (Millions of Dollars) Eliminations / Ongoing Asset Vistra Retail Texas East West Sunset Corp. and Operations Closure Consolidated Other Consolidated Net Income (lo
Slide 24: Non-GAAP Reconciliations – Initial 2021 Guidance
NON-GAAP RECONCILIATIONS – INITIAL 2021 GUIDANCE VISTRA CORP. – NON-GAAP RECONCILIATIONS 2021 GUIDANCE1 (Unaudited) (Millions of Dollars) Ongoing Operations Asset Closure Vistra Consolidated Low High Low High Low High Net Income (loss) 607 920 (80) (60) 527 860 Income tax expense 195 283 - - 195 283
Slide 25: Non-GAAP Reconciliations – Reissued 2021 Guidance
NON-GAAP RECONCILIATIONS – REISSUED 2021 GUIDANCE VISTRA CORP. – NON-GAAP RECONCILIATIONS 2021 GUIDANCE1 (Unaudited) (Millions of Dollars) Ongoing Operations Asset Closure Vistra Consolidated Low High Low High Low High Net Income (loss) (1,083) (771) (126) (106) (1,209) (877) Income tax expense (274
Slide 26: Non-GAAP Reconciliations – Reissued 2021 Guidance
NON-GAAP RECONCILIATIONS – REISSUED 2021 GUIDANCE VISTRA CORP. – NON-GAAP RECONCILIATIONS 2021 GUIDANCE1 FOOTNOTES (Unaudited) (Millions of Dollars) 1 Regulation G Table for 2021 Reissued Guidance prepared as of April 26, 2021. (a) Includes unrealized gain on interest rate swaps of $101 million. (b)
Slide 27: End Slide
END SLIDE V i s t ra I n v e s t o r P re s e n t a t io n / Q1 2021