目前價格估出來134.3, 跟今天123不會差很多,
Contribution to Nuclear decommissioning trust 這個算是每年經常性項目支出, 現金流計算必須扣掉
我們來看看PWC 普華永道發佈關於 Nuclear decommissioning trust fund解釋, 及其會計處理
接下來就一堆財報擷取出來關於 Vistra Corp 商業經營模式, 財務方面陳述, 會接續挑出一些重點, 對估值各個財務項目的假設去做微調
( 本人還在消化, 不定期更新)
What is Retailed electricity provider (REP)
Vistra Energy, the Irving power company best known for its TXU brand, said Tuesday that it reached a deal to buy the Dallas electricity retailer Ambit Energy in a $475 million deal that will further consolidate the retail electricity market in Texas and add to concerns of higher prices as competition dwindles. 怕市占擴大, 扭曲宰制價格
The all-cash sale is the latest retail electricity acquisition in Texas as the state’s two biggest players — Vistra and NRG Energy — jockey for position as the biggest electricity sellers in Texas. The two companies, now control nearly two-thirds of the deregulated Texas power market, according to market share information from both companies. Direct Energy is in third place, controlling another 10 percent of the Texas market.
Vistra’s deal to buy Ambit means that Vistra will add another 1.1 million customers in 17 states and will control about 32 percent of the Texas retail electricity market, up from 25 percent before the sale. Ambit, which sells electricity through multi-level marketing channels in which customers are paid to recruit other customers, will be another new selling channel for Vistra.
While having more players hasn’t automatically delivered lower electricity rates in Texas, there should be a real fear that fewer players can lead to market distortions and manipulation, ultimately hitting consumers in the pocketbook,” said Tim Morstad, associate state director for AARP Texas.
好啊 ! 就是要market distortions and manipulation, 寡占整個Texas 電力市場, 擁有價格決定權, 荷包賺滿, 反映帳上獲利數字
Vistra’s deal for Ambit comes just six months after Vistra bought the Connecticut company Crius, owner of several well-known Texas brand names including TriEagle Energy, Energy Rewards and Viridian Energy. Vistra initially offered $328 million for Crius 在購進 Ambit之前6個月, 併購一家康乃狄克州 Criusㄝ旗下擁有許多德州電力品牌
houstonchronicle.com/author/Lm-sixel/ 德州再生能源報導
Vistra Corp 近況
NRG, which owns several brands including Reliant Energy
and Green Mountain Energy, has also been on a buying spree, snapping up the
Dallas company Stream Energy in May for $300 million that added 600,000
residential customers. NRG also bought the fast-growing low-price leader
Discount Power from Volterra Energy Holdings last year for an undisclosed price
that added another 225,000 customers and paid $219 million for Xoom Energy that
added 300,000 customers to NRG.
Once the Ambit sale is closed, Vistra will have nearly 5
million customers. NRG has 3.7 million customers, according to its most recent
financial filing.
The state’s
leading power sellers say that the retail market remains robustly competitive
and concerns about rising prices are ill-founded. “Texas customers have the ability to
change providers at any time, and we compete for our customers every single day,” said Vistra spokeswoman Meranda Cohn.
News from 2020
Vistra, an Irving-based retail electricity and power
generation company, said it bought the Texas electric retail customers of
Florida-based Infinite Energy and Veteran Energy, adding about 60,000 new
residential customers.
Vistra, one of the biggest sellers of electricity in
Texas and best known for its TXU Energy brand, has been on a buying spree along
with the other big retail electricity seller competitor NRG Energy. Together,
the two companies have locked up about 75 percent of the retail electricity
market in Texas.
New retail electric sellers are regularly popping up on the state-managed shopping website Power to Choose, said Fred Anders, founder of Texas Power Guide, a privately owned electricity shopping website. Many of the newcomers compete aggressively on price to win new customers until they become acquisition targets for bigger companies.
“The big companies are effectively outsourcing customer acquisition to these smaller startups,” Anders said. 先讓地方小型電網蒐集顧客, 等到一段時間再去併購他們 簡單
ERCOT Electric Reliability Council of Texas, Inc.
Depreciation and amortization — Depreciation and amortization expense reported as a reconciling adjustment in the consolidated statements of cash flows exceeds the amount reported in the consolidated statements of operations by $297 million, $311 million and $236 million for the year ended December 31, 2021, 2020 and 2019, respectively. The difference represented amortization of nuclear fuel, which is reported as fuel costs in the consolidated statements of operations consistent with industry practice, and amortization of intangible net assets and liabilities that are reported in various other consolidated statements of operations line items including operating revenues and fuel and purchased power costs and delivery fees.
Nuclear decommissioning trust assets represent securities held for the purpose of funding the future retirement and decommissioning of our nuclear generation facility. These investments include equity, debt and other fixed-income securities consistent with investment rules established by the NRC and the PUCT.
Vistra is a holding company operating an integrated retail and electric power generation business primarily in markets throughout the U.S. Through
our subsidiaries, we are engaged in competitive energy activities including electricity generation, wholesale energy sales and purchases, commodity risk
management and retail sales of electricity and natural gas to end users. We incorporated under Delaware law in 2016. Effective July 2, 2020, we changed
our name from Vistra Energy Corp. to Vistra Corp. to distinguish from companies that are involved in exploring for, producing, refining, or transporting
fossil fuels (many of which use "energy" in their names) and to better reflect our integrated business model, which combines a retail electricity and natural
gas business focused on serving its customers with new and innovative products and services and an electric power generation business leading the clean
power transition through our Vistra Zero portfolio while powering the communities we serve with safe, reliable and affordable power.
We serve approximately 4.3 million customers and operate in 20 states and the District of Columbia. Our generation fleet totals approximately 38,700
MW of generation capacity with a portfolio of natural gas, nuclear, coal, solar and battery energy storage facilities.
Integrated business model. Our integrated business model is an important component of our business strategy. This element of our business
provides long-term sustainable solutions enabled by our diversified portfolio. This key factor distinguishes us from our electricity competitors by
pairing our reliable and efficient mining, diversified generation fleet and wholesale commodity risk management capabilities with our retail platform. Coupling retail with generation is a core competitive advantage that reduces the effects of commodity price movements and contributes to stable earnings and predictable cash flow, a crucial feature of the strategy as Vistra responsibly grows its renewables portfolio and winds down its carbon-emitting assets.
Integrated business model. Our integrated business model is an important component of our business strategy. This element of our business provides long-term sustainable solutions enabled by our diversified portfolio. This key factor distinguishes us from our electricity competitors by pairing our reliable and efficient mining, diversified generation fleet and wholesale commodity risk management capabilities with our retail platform. Coupling retail with generation is a core competitive advantage that reduces the effects of commodity price movements and contributes to stable earnings and predictable cash flow, a crucial feature of the strategy as Vistra responsibly grows its renewables portfolio and winds down its carbon-emitting assets.
Superior customer service. Through our retail brands, including TXU Energy, Ambit Energy, Value Based Brands, Dynegy Energy Services, Homefield Energy, TriEagle Energy, Public Power and U.S. Gas & Electric, we serve the retail electricity and natural gas needs of end-use. Residential, small business, commercial and industrial electricity customers through multiple sales and marketing channels. In addition to benefitting from our integrated business model, we leverage our brands, our commitment to a safe, reliable and affordable product offering, the backstop of the electricity generated by our generation fleet, our wholesale commodity risk management operations and our strong customer service to differentiate our products and solutions from our competitors. We strive to be at the forefront of innovation with new environmentallyconscious and sustainable-focused product offerings and customer experiences to reinforce our value proposition. We maintain a focus on solutions that provide our customers with choice, convenience and control over how and when they use electricity and related services, including TXU Energy's Free Nights and Solar Days residential plans, MyEnergy Dashboard , TXU Energy's iThermostat product and mobile solution,
The TXU Energy Rewards program, the TXU Energy Green Up renewable energy credit program and a diverse set of solar options. Our focus on superior customer service guides our efforts in acquiring new residential and commercial customers, serving and retaining existing customers,
maintaining valuable sales channels for our electricity generation resources. We believe our dependable customer service, innovative
products and trusted brands will result in high residential customer retention rates, particularly in Texas where our TXU Energy brand has
maintained its residential customers in a highly competitive retail market.
Excellence in operations while maintaining an efficient cost structure. We believe delivering long-term stakeholder value is increased as a result of making disciplined investments that enable our generation facilities to operate not only effectively and efficiently, but also safely, reliably and in an environmentally compliant manner as we lead in the clean power transition through the acceleration of our renewables portfolio. We believe that an ongoing focus on operational excellence and safety is a key component to success in a highly competitive environment and is part of the unique value proposition of our integrated model. Additionally, we are committed to optimizing our cost structure, reducing our debt levels, and implementing enterprise-wide process and operating improvements without compromising the safety of our communities, customers and employees. We believe we have a highly effective and efficient cost structure and that our cost structure supports excellence in our operations and is instrumental in our long-term value proposition.
Integrated hedging and commercial management. Our commercial team is focused on effectively and efficiently managing risk, through opportunistic hedging, and optimizing our assets and business positions. We proactively manage our exposure to wholesale electricity prices and fuel costs in markets in which we operate, on an integrated basis, through contracts for physical delivery of electricity, exchange-traded and over the-counter financial contracts, term, day-ahead and real-time market transactions, and bilateral contracts with other wholesale market participants, including other power generators and end-user electricity customers. We actively hedge near-term cash flows and optimize longterm value through hedging and forward sales contracts. We believe our integrated hedging and commercial management strategy, in combination with a strong balance sheet and attractive liquidity profile, will provide long-term advantages through cycles of higher and lower commodity prices.
Series A Preferred Stock Offering — we issued 1,000,000 shares of Series A Preferred Stock in a private offering of approximately $990 million, after deducting underwriting commissions and offering expenses. We intend to use the net proceeds from the Series A Offering to repurchase shares of our outstanding common stock under the Share Repurchase Program. See Note 14 to the Financial Statements for more information concerning the Series A Preferred Stock and our Share Repurchase Program.
Series B Preferred Stock Offering — we issued 1,000,000 shares of Series B Preferred Stock in a private offering of $985 million under our Green Finance Framework, after deducting underwriting commissions and offering expenses. We intend to use the proceeds from the Series B Offering to pay for or reimburse existing and new eligible renewable and battery ESS developments. See Note 14 to the Financial Statements for more information concerning the Series B Preferred Stock.
Commodity-Linked Revolving Credit Facility — On February 4, 2022, Vistra Operations entered into a credit agreement by and among Vistra
Operations, Vistra Intermediate, the lenders, joint lead arrangers and joint bookrunners party thereto, and Citibank, N.A., as administrative agent and collateral agent. The Credit Agreement provides for a $1.0 billion senior secured commodity-linked revolving credit facility (the Commodity-Linked Facility). Vistra Operations intends to use the liquidity provided under the Commodity-Linked Facility to make cash postings as required under various commodity contracts to which Vistra Operations and its subsidiaries are parties as power prices increase from time-to time and for other working capital and general corporate purposes. See Note 11 to the Financial Statements for more information concerning the Commodity-Linked Facility.
跟銀行設定大宗物資抵押融資方案, 給予Vistra足夠流動性(財務) 解決進口( 煤礦, 鈾礦) 價格劇烈波動, 產生的營運資本短缺
The operations of Vistra are aligned into six reportable business segments: (i) Retail, (ii) Texas, (iii) East, (iv) West, (v) Sunset and (vi) Asset Closure.
The following is a summary of our segments:
• The Retail segment represents Vistra's retail sales of electricity and natural gas to residential, commercial and industrial customers.
• The Texas segment represents Vistra's electricity generation operations in ERCOT, other than assets that are now part of the Sunset or Asset
Closure segments, respectively.
• The East segment represents Vistra's electricity generation operations in the Eastern Interconnection of the U.S. electric grid, other than assets that are now part of the Sunset or Asset Closure segments, respectively, and includes operations in PJM, ISO-NE and NYISO.
• The West segment represents Vistra's electricity generation operations in CAISO. As reflected by the Moss Landing and Oakland ESS projects
(see Note 3 to the Financial Statements), the Company expects to expand its operations in the West segment.
• The Sunset segment represents plants with announced retirement plans that were previously reported in the ERCOT, PJM and MISO segments.
Given recent and expected future retirements of certain power plants, management believes it is important to have a segment which differentiates between operating plants with defined retirement plans and operating plants without defined retirement plans.
P12 Independent System Operators (ISOs) and Regional Transmission Organizations (RTOs)
The Retail segment is engaged in retail sales of electricity, natural gas and related services to approximately 4.3 million customers. Substantially all of these activities are conducted by TXU Energy, Ambit Energy, Value Based Brands, Dynegy Energy Services, Homefield Energy, TriEagle Energy, Public
Power and U.S. Gas & Electric across 19 U.S. states and the District of Columbia. The largest portion of our retail operations are in Texas, where we provide retail electricity to approximately 2.4 million customers in ERCOT. We are an active participant in the competitive ERCOT retail market and continue to be a market leader, which we believe is driven by, among other things, strong brands, innovative products and services and excellent customer service. As of December 31, 2021, we provided electricity to approximately 30% of the residential customers in ERCOT and for approximately 15% of business customers' demand. We believe that we have differentiated ourselves by providing a distinctive customer experience predicated on delivering reliable and innovative power products and solutions to our customers, which give our
customers choice, convenience and control over how and when they use electricity and related services. Our retail business also offers a comprehensive
suite of green products and services, including 100% wind and solar options, as well as thermostats, dashboards and other programs designed to encourage
reduced consumption and increased energy efficiency.
Our integrated power generation and wholesale operation allows us to efficiently obtain the electricity needed to serve our customers at the lowest
cost. The integrated model enables us to structure products and contracts in a way that offers significant value compared to stand-alone retail electric
providers. Additionally, our wholesale commodity risk management operations help protect our retail business from power price volatility by allowing us to
bypass bid-ask spread in the market (particularly for illiquid products and time periods) and achieve lower collateral costs for our retail business as
compared to other, non-integrated retail electric providers. Moreover, our retail business reduces, to some extent, the exposure of our wholesale generation
business to wholesale power price volatility. This is because the retail load requirements of our retail operations provide a natural offset to the length of Luminant's generation portfolio thereby reducing the exposure to wholesale power price volatility as compared to a non-integrated independent power
producer.
Outside of ERCOT, we also serve residential, municipal, commercial and industrial customers substantially through our Homefield Energy, Dynegy
Energy Services, Public Power, U.S. Gas & Electric and Ambit Energy retail businesses, through which we provide retail electricity, natural gas and related
services to approximately 1.9 million customers in 18 states and the District of Columbia
Texas has over 300 Retail Electricity Providers (REPs) that sell electricity plans to consumers. REPs are responsible for the fulfillment end of the electricity supply chain, contracting with customers to provide and pay for electricity services
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