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TXU Parent Reports Retail Segment Results, Says Residential Customer Attrition Lowest Since 2008
Vistra Energy, the parent company for TXU Energy and Luminant, today reported financial results for the 12 months ended Dec. 31, 2017.
For the full year 2017, Vistra's Retail segment reported operating income of $461 million and adjusted EBITDA of $779 million, within its adjusted EBITDA guidance range of $760–$810 million.
"Results were driven by strong margin and cost management, coupled with favorable customer attrition and mix, all of which helped to offset abnormally mild weather in the first quarter of 2017," Vistra said
"Reduced annual residential customer net attrition to 0.4% – our lowest level since 2008," Vistra said
For the year ending December 31, 2017, total retail sales volumes were 39,032 GWh, with 20,536 GWh in residential sales and 18,496 in GWh business sales
For the year ended December 31, 2017, retail electricity revenues totaled $4.058 billion
"During the period, revenues were unfavorably impacted by mild weather in both the peak summer cooling period and the winter season at the beginning of the year," Vistra said in a 10-K
Retail segment SG&A totaled $420 million for the year ended December 31, 2017. Due to corporate reorganization, a comparable year-ago figure was not reported, but Vistra said Retail segment SG&A had been $130 million for the period from October 3, 2016 through December 31, 2016. For the year ended December 31, 2017, "SG&A reflects an increase in bad debt expense as a result of the estimated impact on collectability from customers affected by Hurricane Harvey."
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Notes Increased Bad Debt From Hurricane Harvey
February 26, 2018
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Reporting by Paul Ring • ring@energychoicematters.com
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