Vistra Reports Texas Retail Customer Growth, Continues To Be Offset By Northeast Declines
May 9, 2023 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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Vistra today reported first quarter 2023 financial results
As of Q1 2023, Vistra's residential customer count was 2.411 million, down from 2.447 million as of Q4 2022 and 2.711 million a year ago. The residential customer count reflects direct-to-consumer Electric/Gas Residential counts excluding municipal-aggregation and international customers.
The net decline of 36,000 residential customers from Q4 2022 to Q1 2023 compares to a net decline of 88,000 residential customers from Q3 2022 to Q4 2022 and a 182,000 decline in Vistra's residential customer count from Q2 2022 to Q3 2022
For Q1 2023, Vistra again said, "Growth in ERCOT offset by a decline in the Midwest and Northeast driven by value-accretive exits from NY and CT."
Vistra reported "continued strong performance in Texas" for its Retail segment
Vistra said that Retail saw growth in its ERCOT customer count, including in Texas residential customers, while maintaining "attractive" margins
Of Texas Retail, Vistra reported, "Strong residential and mass business customer counts performance."
Of Texas Retail, Vistra reported, "Large business markets sales performance well ahead of expectations."
Vistra also said, "Midwest and Northeast market dynamics are improving as default service prices are increasing while commodity costs declining, inverting the dynamic seen in late 2021 and 2022."
Vistra reported Adjusted EBITDA for its Retail segment of negative $(29) million for Q1 2023, versus $163 million a year ago. Vistra said that the decline was anticipated due to, "impacts of expected intra-year timing/seasonality of margins as well as milder weather experienced throughout the U.S.," partially offset by "strong" customer counts
Vistra said that Retail's Q1 results were within the range of previously provided guidance, and still expects Retail to be within its previously provided guidance range for the full year
First quarter 2023 Retail volumes were as follows (TWh):
Q1 2022 Q1 2023
Residential 7.8 6.1
Business 12.5 13.3
Muni-Aggregation 3.0 1.5
Total 23.3 20.8