Vistra Reports Nearly Half a Billion Negative Impact To Retail Segment From Winter Storm Uri
Reports Marginal Decrease In Total Retail Customer Count During Q1
May 4, 2021 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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Vistra reported Q1 2021 earnings in a 10-Q filed today.
For Vistra's Retail segment, Adjusted EBITDA from Ongoing Operations was $(199) million in Q1 2021, versus $311 million a year ago, driven by the impact of Winter Storm Uri in Texas
Specifically, Vistra's Retail segment reported a $(432) million impact from Winter Storm Uri. Lower margins from Winter Storm Uri negatively impacted Retail Q1 2021 Adjusted EBITDA by $(489) million. Higher SG&A and bad debt expense negatively impacted Retail Q1 2021 Adjusted EBITDA by $(21) million
On a consolidated basis (all segments), Vistra's Adjusted EBITDA from Ongoing Operations was $(1,227) million in Q1 2021, versus $851 million a year ago, driven by the impact of Winter Storm Uri in Texas
In a 10-Q, Vistra said that the weather event resulted in a $2.9 billion negative impact on the Company's pre-tax earnings in the three months ended March 31, 2021. The primary drivers of the loss were the need to procure power in ERCOT at market prices at or near the price cap due to lower output from
its natural gas-fueled power plants driven by natural gas deliverability issues, lower margins from its natural gas-fueled power plants due to extremely high fuel
costs, and, to a lesser extent, operational challenges associated with Winter Storm Uri.
Vistra's residential customer count across all markets as of Q1 2021 was 2.728 million, down from 2.736 million as of Q4 2020 and 2.791 million a year ago. The residential customer count reflects direct-to-consumer electric/gas residential customer counts excluding municipal-aggregation and international customers
The net loss of 8,000 customers from Q4 2020 to Q1 2021 compares to a net increase of 12,000 residential customers from Q3 2020 to Q4 2020.
Vistra said that, in Texas, it, "grew residential customer counts year-over-year in ERCOT
through our multi-brand and channel strategy and exceeded
expectations in the quarter."
"In the wake of winter storm Uri, customers remained loyal to our
legacy TXU Energy and Ambit brands and switched to many of
our value-based brands," Vistra said
Retail volumes for the first quarter were as follows by customer segment (in TWh):