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TXU Reports "Strong Counts & Margin Performance", Vistra Increases Residential Customer Count

November 6, 2023

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Copyright 2010-23
Reporting by Paul Ring •

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In reporting earnings for the three months ended September 30, 2023 (third quarter of 2023), Vistra Corp. said that TXU Energy saw, "strong counts and margin performance, even in the higher-priced summer months, highlight the stability and strength of the brand."

Vistra said that Adjusted EBITDA for its Retail segment was $173 million for the third quarter of 2023, versus $(2) million a year ago. Vistra said the favorable Retail results were primarily driven by:

• "strong customer count and margin performance";

• "favorable weather and demand conditions"; and

• "optimized supply position throughout Q3 2023"

Vistra further cited "strong" Retail performance in Texas, stating that it, "exceeded large business markets sales expectations at strong margins," and saw, "strong residential performance through differentiated product offerings."

For Retail, "Midwest and Northeast market dynamics improved as default service prices are increasing while commodity costs are declining, inverting the dynamic seen in late 2021 and 2022," Vistra said

Vistra reported, "Retail customer count growth versus Q2 2023 in ERCOT and ex-ERCOT markets."

Vistra's residential customer count as of Q3 2023 was 2.449 million, up from 2.411 million as of Q2 2023, and versus 2.535 million a year ago. The totals reflect direct-to-consumer Electric/Gas Residential counts excluding municipal-aggregation and international customers. Vistra noted that, for the year-ago comparison, a decline in Midwest and Northeast customers was driven by previously reported "value-accretive" exits from NY and CT beginning Q3 2022

The net increase of 38,000 residential customers from Q2 2023 to Q3 2023 compares to a flat customer count from Q1 2023 to Q2 2023

Third quarter 2023 Retail volumes were as follows (TWh):

                  Q3 2022     Q3 2023
Residential         11.0        11.2
Business            14.9        17.3
Muni-Aggregation     2.6         2.1

Total               28.4        30.6

Vistra raised and narrowed 2023 Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted FCFbG guidance ranges to $3.95 billion to $4.10 billion and $2.35 billion to $2.50 billion, respectively

Vistra initiated Vistra standalone 2024 Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted FCFbG guidance ranges of $3.7 billion to $4.1 billion and $1.9 billion to $2.3 billion, respectively

For 2024 Ongoing Operations Adjusted EBITDA guidance, Retail accounts for $1.075 billion of the total.

Jim Burke, president and CEO of Vistra, stated, "Our integrated generation, retail, and commercial teams worked collaboratively to provide our retail customers a stable and affordable product while dynamically managing our own assets and financial positions in a highly volatile price environment that created significant value for our shareholders. Outside of Texas, the summer weather was milder, but our dynamic position management and retail customer count growth quarter-over-quarter allowed us to achieve strong results in the markets we serve outside of ERCOT as well."


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