Slide 1: First Quarter 2022 Results
First Quarter 2022 Results 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 Curt Morgan, Chief Executive Officer III. Financial Results Jim Burke, President and Chief Financial Officer Vistra Investor Presentation / Q1 2022 3
Slide 4: Highlights
Highlights Curt Morgan, Chief Executive Officer VISTRA CORP. 04 Vistra Investor Presentation / Q1 2022 4
Slide 5: Continued Execution on Strategic Priorities
Continued Execution on Strategic Priorities The strategic priorities identified in third quarter 2021 continue to guide our strategy, shape our execution and generate strong results Driving long-term, sustainable value through Vistra's integrated business model, 1 demonstrated by our comprehensive h
Slide 6: Q1 2022 Highlights
Q1 2022 Highlights Quarter Results Performance Highlights Ongoing Operations ($ millions) • Retail segment performing well with positive customer count growth in Adjusted EBITDA1 $547 Texas and continued strong margins First quarter results were in line with • Generation segment on track, with compa
Slide 7: Financial Results
Financial Results Jim Burke, President and Chief Financial Officer VISTRA CORP. 04 Vistra Investor Presentation / Q1 2022 7
Slide 8: Q1 2022 Financial Results
Q1 2022 Financial Results 2022 is a year of execution; first quarter results are in line with company expectations, and the capital allocation plan is on track; higher balance-of-year 2022 forwards, additional hedging, and stronger ERCOT retail counts and margins lead to greater confidence in 2022 g
Slide 9: Commodities Update
Commodities Update Spark spreads have increased dramatically in both ERCOT and PJM for 2023 and trended up in both markets for 2024 as well ERCOT 7x24 Weighted Spark Spreads1 PJM 7x24 Weighted Spark Spreads1 ($/MWh) ($/MWh) $16 $18 $14 $16 $12 $14 $10 $12 $8 $10 $6 $8 $4 $6 2022 2023 2022 2023 As of
Slide 10: Commodities Update
Commodities Update The significant power price increases create attractive opportunities to lock in value through both our retail business and our hedging strategy ERCOT North ATC PJM AD Hub ATC Mass Hub ATC NYMEX $65 $80 $6.00 $100 $70 $90 $5.50 $55 $5.00 $60 $80 $4.50 $45 $70 $50 $4.00 $60 $3.50 $
Slide 11: Appendix
VICTDA awh bw = Appendix
Slide 12: Vistra Zero
Vistra Zero VISTRA CORP. 04 Vistra Investor Presentation / Q1 2022 12
Slide 13: 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 14: Brightside and Emerald Grove Solar Facilities
Brightside and Emerald Grove Solar Facilities Brightside and Emerald Grove bring a combined 158 MW of solar capacity to the ERCOT grid and are online as of April 2022 Brightside Emerald Grove Vistra Investor Presentation / Q1 2022 14
Slide 15: DeCordova Energy Storage Facility
DeCordova Energy Storage Facility DeCordova is a 260 MW / 260 MWh energy storage system co-located at Luminant's natural gas-fueled DeCordova Power Plant and will be ready for full operation in May 2022 Vistra Investor Presentation / Q1 2022 15
Slide 16: Moss Landing Energy Storage Facility
Moss Landing Energy Storage Facility Phase III of the Moss Landing Energy Storage Facility brings the site's total energy storage capacity to 750 MW/3,000 MWh Vistra Investor Presentation / Q1 2022 16
Slide 17: Quarterly Business Disclosures
Quarterly Business Disclosures VISTRA CORP. 04 Vistra Investor Presentation / Q1 2022 17
Slide 18: 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) ~2,900 MW1
Slide 19: Sustainability: Responsibility & Governance
Sustainability: 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 matter-sp
Slide 20: 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) Q1 2022 Term Loan B and Funded Revolver $2,536 Senior Secured Notes 3,100 Sen
Slide 21: Select Debt Balances
Select Debt Balances Funded Debt Tranches As of March 31, 20221 ($ millions) Issuer Series Principal Outstanding Secured Debt Vistra Operations Senior Secured Term Loan B-3 due December 2025 $2,536 Vistra Operations 3.550% Senior Secured Notes due July 2024 1,500 Vistra Operations 3.700% Senior Secu
Slide 22: Capital Expenditures
Capital Expenditures Projected Capital Expenditures1 ($ millions) 2022E Nuclear & Fossil Maintenance2,3 $570 Nuclear Fuel 117 Non-Recurring4 72 Solar & Energy Storage Development5 1,002 Other Growth6 53 Total Capital Expenditures $1,814 Non-Recurring4 (72) Solar & Energy Storage Development5 (1,002)
Slide 23: First Quarter Retail Metrics
First Quarter Retail Metrics Q1 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 21.9 23.3 results 3.0 2.9 TXU Energy held its 5-star rating on the PUC 12.5 11.6 scoreca
Slide 24: First Quarter Generation Metrics
First Quarter Generation Metrics TOTAL GENERATION CAPACITY FACTOR (CCGT) TWhs Q1 2021 Q1 2022 % Q1 2021 Q1 2022 TEXAS 18.0 17.7 TEXAS 39% 34% EAST 13.9 14.3 EAST 60% 62% WEST 1.3 1.2 WEST 57% 54% SUNSET 7.0 6.6 Ong. Ops 40.2 39.8 Asset 1.5 3.2 CAPACITY FACTOR (COAL) Closure % Q1 20212 Q1 2022 TEXAS
Slide 25: Hedge Profile & Portfolio Sensitivities
Hedge Profile & Portfolio Sensitivities Effective: 3/31/2022 2022 2023 TEXAS WEST EAST SUNSET TOTAL TEXAS WEST EAST SUNSET TOTAL Nuclear/Renewable/Coal Gen Position Expected Generation (TWh) 36 - - 25 61 47 - - 22 68 % Hedged 94% - - 95% 94% 73% - - 55% 67% Net Position 2 - - 1 3 13 - - 10 22 Sensit
Slide 26: Market Pricing
Market Pricing Effective: 3/31/2022 Apr-Dec'22 2023 Apr-Dec'22 2023 Power (ATC, $/MWh) Spark Spreads ($/mwhr) ERCOT North Hub $61.90 $48.00 Approx. Contrib ution ERCOT West Hub $54.66 $38.92 ERCOT PJM AD Hub $59.65 $50.97 ERCOT North Hub-Houston Ship Channel 90% $19.52 $14.43 PJM Ni Hub $54.09 $44.6
Slide 27: Capacity Positions
Capacity Positions Effective: 3/31/2022 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 1,239 2022/2023 3,332 $47.29 2023 1,350 ComEd 2021/2022 1,415 $206.84 PJM $/mw-day 2022/2023 1,254 $68.96 RT
Slide 28: 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 29: 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 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations VISTRA CORP. 04 Vistra Investor Presentation / Q1 2022 30
Slide 31: Non-GAAP Reconciliations – Q1 2022 Adjusted EBITDA
Non-GAAP Reconciliations – Q1 2022 Adjusted EBITDA VISTRA CORP. – NON-GAAP RECONCILIATIONS THREE MONTHS ENDED MARCH 31, 2022 (Unaudited) (Millions of Dollars) Eliminations / Ongoing Asset Vistra Retail Texas East West Sunset Corp. and Operations Closure Consolidated Other Consolidated Net Income (lo
Slide 32: 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 33: 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 34: 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