Vistra Reports Increase In Residential Customer Count, Cites "Strong Margin And Customer Count Performance" For 2023

February 27, 2024

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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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In reporting fourth quarter and full year earnings, Vistra reported that its residential customer count was 2.456 million as of Q4 2023, up from 2.449 million as of Q3 2023 and 2.447 million a year ago. The residential customer counts reflect direct-to-consumer electric/gas residential counts excluding municipal-aggregation customers.

The net increase of 7,000 residential customers from Q3 2023 to Q4 2023 compares to an increase of 38,000 from Q2 2023 to Q3 2023

Vistra said that its Retail business grew residential customer counts in the quarter and year-over-year

Vistra reported the, "3rd consecutive year of organic customer counts growth for our flagship TXU Energy brand in ERCOT".

Vistra said of the Retail business: "Large business markets sales performance well ahead of expectations in all regions".

For the Retail business, Vistra also cited, "Continued strong financial performance in Texas and the Midwest / Northeast".

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

                  Q4 2022     Q4 2023
Residential          6.5         5.9
Business            12.9        15.4
Muni-Aggregation     1.7         1.5

Total               21.2        22.7

For the Retail business, Ongoing Operations Adj. EBITDA was $463 million for Q4 2023, up from $359 million a year ago

For the full year, Retail segment Ongoing Operations Adj. EBITDA was $1,105 million, up from $923 million a year ago

Vistra said that the FY 2023 Retail segment Ongoing Operations Adj. EBITDA was $182 million favorable as compared to FY 2022, primarily driven by:

• "Strong margin and customer count performance in ERCOT and Ex-ERCOT"

• "Effective commodity risk management through record-setting temperatures in ERCOT in the summer"

• "Partially offset by milder weather in non-summer months"

Retail financial results were 20% higher than 2022 and 12% higher than original guidance expectations for the year, Vistra said

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