Vistra Corp
For the period ended Mar 31, 2024. Filed May 10, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 10, 2024
VST$131.18-2.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Glossary of Terms and Abbreviationsi
i
GLOSSARY OF TERMS AND ABBREVIATIONS
When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below.
| Current and Former Related Entities: | |
|---|---|
| Ambit | Ambit Holdings, LLC, and/or its subsidiaries (d/b/a Ambit), depending on context |
| Dynegy | Dynegy Inc., and/or its subsidiaries, depending on context |
| Dynegy Energy Services | Dynegy Energy Services, LLC and Dynegy Energy Services (East), LLC (each d/b/a Dynegy, Better Buy Energy, Brighten Energy, Honor Energy and True Fit Energy), indirect subsidiaries of Vistra, that are REPs in certain areas of MISO and PJM, respectively, and are engaged in the retail sale of electricity to residential and business customers. |
| Energy Harbor | Energy Harbor Holdings LLC (formerly known as Energy Harbor Corp.), and/or its subsidiaries, depending on context |
| Homefield Energy | Illinois Power Marketing Company (d/b/a Homefield Energy), an indirect subsidiary of Vistra, a REP in certain areas of MISO that is engaged in the retail sale of electricity to municipal customers |
| Luminant | subsidiaries of Vistra engaged in competitive market activities consisting of electricity generation and wholesale energy sales and purchases as well as commodity risk management |
| Parent | Vistra Corp. |
| Public Power | Public Power, LLC (d/b/a Public Power), an indirect subsidiary of Vistra, a REP in certain areas of PJM, ISO-NE, NYISO and MISO that is engaged in the retail sale of electricity to residential and business customers |
| TCEH | Texas Competitive Electric Holdings Company LLC, a direct, wholly owned subsidiary of Energy Future Competitive Holdings Company LLC, and, prior to the Effective Date, the parent company of our predecessor, depending on context, that were engaged in electricity generation and wholesale and retail energy market activities, and whose major subsidiaries included Luminant and TXU Energy |
| TriEagle Energy | TriEagle Energy, LP (d/b/a TriEagle Energy, TriEagle Energy Services, Eagle Energy, Energy Rewards, Power House Energy and Viridian Energy), an indirect subsidiary of Vistra, a REP in certain areas of ERCOT and PJM that is engaged in the retail sale of electricity to residential and business customers |
| TXU Energy | TXU Energy Retail Company LLC (d/b/a TXU), an indirect subsidiary of Vistra that is a REP in competitive areas of ERCOT and is engaged in the retail sale of electricity to residential and business customers |
| U.S. Gas & Electric | U.S. Gas and Electric, LLC (d/b/a USG&E, Illinois Gas & Electric and ILG&E), an indirect subsidiary of Vistra, a REP in certain areas of PJM, ISO-NE, NYISO and MISO that is engaged in the retail sale of electricity to residential and business customers |
| Value Based Brands | Value Based Brands LLC (d/b/a 4Change Energy, Express Energy and Veteran Energy), an indirect subsidiary of Vistra that is a REP in competitive areas of ERCOT and is engaged in the retail sale of electricity to residential and business customers |
| Vistra | Vistra Corp., and/or its subsidiaries, depending on context |
| Vistra Intermediate | Vistra Intermediate Company LLC, a direct, wholly owned subsidiary of Vistra |
| Vistra Operations | Vistra Operations Company LLC, an indirect, wholly owned subsidiary of Vistra that is the issuer of certain series of notes (see Note 10 to the Financial Statements) and borrower under the Vistra Operations Credit Facilities |
| Vistra Vision | Vistra Vision LLC, an indirect subsidiary of Vistra |
| Vistra Zero | Vistra Zero Operating Company, LLC, an indirect subsidiary of Vistra Vision LLC |
| Transmission System Operators: | |
| CAISO | The California Independent System Operator |
| ERCOT | Electric Reliability Council of Texas, Inc. |
| ISO-NE | ISO New England Inc. |
| MISO | Midcontinent Independent System Operator, Inc. |
| NYISO | New York Independent System Operator, Inc. |
| PJM | PJM Interconnection, LLC |
| Authoritative Organizations: | |
| EPA | U.S. Environmental Protection Agency |
ii
| FERC | U.S. Federal Energy Regulatory Commission |
|---|---|
| IEPA | Illinois Environmental Protection Agency |
| IPCB | Illinois Pollution Control Board |
| IRS | U.S. Internal Revenue Service |
| MSHA | U.S. Mine Safety and Health Administration |
| NRC | U.S. Nuclear Regulatory Commission |
| PUCT | Public Utility Commission of Texas |
| RCT | Railroad Commission of Texas, which among other things, has oversight of lignite mining activity in Texas, and has jurisdiction over oil and natural gas exploration and production, permitting and inspecting intrastate pipelines, and overseeing natural gas utility rates and compliance |
| SEC | U.S. Securities and Exchange Commission |
| TCEQ | Texas Commission on Environmental Quality |
| Rules and Regulations: | |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| IRA | Inflation Reduction Act of 2022 |
| Securities Act | Securities Act of 1933, as amended |
| General Terms: | |
| 2023 Form 10-K | Vistra's annual report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024 |
| ARO | asset retirement and mining reclamation obligation |
| CCGT | combined cycle natural gas turbine |
| CCR | coal combustion residuals |
| CME | Chicago Mercantile Exchange |
| CO2 | carbon dioxide |
| EBITDA | earnings (net income) before interest expense, income taxes, depreciation and amortization |
| Effective Date | October 3, 2016, the date our predecessor completed its reorganization under Chapter 11 of the U.S. Bankruptcy Code |
| Emergence | emergence of our predecessor from reorganization under Chapter 11 of the U.S. Bankruptcy Code as subsidiaries of a newly formed company, Vistra, on the Effective Date |
| ERP | enterprise resource program |
| ESS | energy storage system |
| GAAP | generally accepted accounting principles |
| GHG | greenhouse gas |
| GWh | gigawatt-hours |
| Heat Rate | Heat Rate is a measure of the efficiency of converting a fuel source to electricity |
| ISO | independent system operator |
| ITC | investment tax credit |
| load | demand for electricity |
| LTSA | long-term service agreements for plant maintenance |
| MMBtu | million British thermal units |
| MW | megawatts |
| MWh | megawatt-hours |
| NOX | nitrogen oxide |
| NYMEX | the New York Mercantile Exchange, a commodity derivatives exchange |
| Plan of Reorganization | Third Amended Joint Plan of Reorganization filed by the parent company of our predecessor in August 2016 and confirmed by the U.S. Bankruptcy Court for the District of Delaware in August 2016 solely with respect to our predecessor |
iii
| PrefCo Preferred Stock Sale | as part of the tax-free spin-off from Energy Future Holdings Corp. (EFH Corp.), executed pursuant to the Plan of Reorganization on the Effective Date by our predecessor, the contribution of certain of the assets of our predecessor and its subsidiaries by a subsidiary of TEX Energy LLC to Vistra Preferred, LLC (PrefCo) in exchange for all of PrefCo's authorized preferred stock, consisting of 70,000 shares, par value $0.01 per share |
|---|---|
| PTC | production tax credit |
| REP | retail electric provider |
| RTO | regional transmission organization |
| S&P | Standard & Poor's Ratings (a credit rating agency) |
| Series A Preferred Stock | Vistra's 8.0% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value, with a liquidation preference of $1,000 per share |
| Series B Preferred Stock | Vistra's 7.0% Series B Fixed-Rate Reset Cumulative Green Redeemable Perpetual Preferred Stock, $0.01 par value, with a liquidation preference of $1,000 per share |
| Series C Preferred Stock | Vistra's 8.875% Series C Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value, with a liquidation preference of $1,000 per share |
| SO2 | sulfur dioxide |
| SOFR | Secured Overnight Financing Rate, the average rate at which institutions can borrow U.S. dollars overnight while posting U.S. Treasury Bonds as collateral |
| Tax Matters Agreement | Tax Matters Agreement, dated as of the Effective Date, by and among EFH Corp., Energy Future Intermediate Holding Company LLC, EFIH Finance Inc. and EFH Merger Co. LLC |
| TRA | Tax Receivable Agreement, containing certain rights (TRA Rights) to receive payments from Vistra related to certain tax benefits, including benefits realized as a result of certain transactions entered into at Emergence (see Note 13 to the Financial Statements) |
| U.S. | United States of America |
| Vistra Operations Commodity-Linked Credit Agreement | Credit agreement, dated as of February 4, 2022 (as amended, restated, amended and restated, supplemented, and/or otherwise modified from time to time) by and among Vistra Operations, Vistra Intermediate, the lenders party thereto, the other credit parties thereto, the administrative agent, the collateral agent, and the other parties named therein |
| Vistra Operations Credit Agreement | Credit agreement, dated as of October 3, 2016 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time), by and among Vistra Operations, Vistra Intermediate, the lenders party thereto, the letter of credit issuers party thereto, the administrative agent, the collateral agent, and the other parties named therein |
| Vistra Operations Credit Facilities | Vistra Operations senior secured financing facilities (see Note 10 to the Financial Statements) |
| Vistra Zero Credit Agreement | Credit agreement, dated as of March 26, 2024 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time), by and among Vistra Zero, the lenders party thereto, the administrative agent, and collateral agent, and the other parties named therein |
iv
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.