Vistra Corp
For the period ended Jun 30, 2024. Filed Aug 9, 2024.
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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.
Jun 30, 2024 · Filed Aug 9, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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4. Revenue
- REVENUE
Revenue Disaggregation
Disaggregated revenue from contracts with customers, and other revenue included in total revenues in the condensed consolidated statements of operations is as follows:
| Three Months Ended June 30, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Retail | Texas | East (a) | West | Sunset | Asset Closure | Eliminations | Consolidated | |
| (in millions) | ||||||||
| Revenue from contracts with customers: | ||||||||
| Retail energy charge in ERCOT | $2,039 | $— | $— | $— | $— | $— | $— | $2,039 |
| Retail energy charge in Northeast/Midwest (a) | 991 | — | — | — | — | — | — | 991 |
| Wholesale generation revenue from ISO/RTO | — | 58 | 109 | 29 | 85 | — | — | 281 |
| Capacity revenue from ISO/RTO (b) | — | — | 17 | — | — | — | — | 17 |
| Revenue from other wholesale contracts | — | 127 | 65 | 56 | 23 | — | — | 271 |
| Total revenue from contracts with customers | 3,030 | 185 | 191 | 85 | 108 | — | — | 3,599 |
| Other revenues: | ||||||||
| Intangible amortization | (1) | — | — | — | (1) | — | — | (2) |
| Transferable PTC revenues (c) | — | 3 | — | — | — | — | — | 3 |
| Hedging and other revenues (d) | 120 | (270) | 150 | 114 | 130 | — | 1 | 245 |
| Affiliate sales (e) | 19 | 255 | 852 | 3 | 150 | — | (1,279) | — |
| Total other revenues | 138 | (12) | 1,002 | 117 | 279 | — | (1,278) | 246 |
| Total revenues | $3,168 | $173 | $1,193 | $202 | $387 | $— | $(1,278) | $3,845 |
(a)Includes revenues associated with operations acquired in the Energy Harbor Merger.
(b)Represents net capacity sold in each ISO/RTO. The East segment includes $24 million of capacity sold offset by $7 million of capacity purchased. Net capacity purchased in each ISO/RTO included in fuel, purchased power costs and delivery fees in the condensed consolidated statement of operations includes capacity purchased of $37 million offset by $21 million of capacity sold within the East segment.
(c)Represents transferable PTCs generated from qualifying solar assets during the period.
(d)Includes $42 million of unrealized net losses from mark-to-market valuations of commodity positions.
| Three Months Ended | Retail | Texas | East | West | Sunset | Asset Closure | Corporate and Other | Eliminations (1) | Consolidated |
|---|---|---|---|---|---|---|---|---|---|
| June 30, 2024 | $(156) | $(674) | $276 | $84 | $109 | $2 | $— | $317 | $(42) |
(e)Texas segment includes $439 million of affiliated unrealized net losses and the East, Sunset and West segments include, $84 million, $36 million and $2 million, respectively, of affiliated unrealized net gains from mark-to-market valuations of commodity positions with the Retail segment.
| Three Months Ended June 30, 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Retail | Texas | East | West | Sunset | Asset Closure | Eliminations | Consolidated | |
| (in millions) | ||||||||
| Revenue from contracts with customers: | ||||||||
| Retail energy charge in ERCOT | $1,843 | $— | $— | $— | $— | $— | $— | $1,843 |
| Retail energy charge in Northeast/Midwest | 352 | — | — | — | — | — | — | 352 |
| Wholesale generation revenue from ISO/RTO | — | 182 | 181 | 44 | 53 | — | — | 460 |
| Capacity revenue from ISO/RTO (a) | — | — | 22 | — | 9 | — | — | 31 |
| Revenue from other wholesale contracts | — | 102 | 178 | 38 | 23 | — | — | 341 |
| Total revenue from contracts with customers | 2,195 | 284 | 381 | 82 | 85 | — | — | 3,027 |
| Other revenues: | ||||||||
| Intangible amortization | (1) | — | (1) | — | (1) | — | — | (3) |
| Transferable PTC revenues | — | 3 | — | — | — | — | — | 3 |
| Hedging and other revenues (b) | 233 | (358) | 38 | 141 | 108 | — | — | 162 |
| Affiliate sales (c) | — | 262 | 428 | 1 | 122 | — | (813) | — |
| Total other revenues | 232 | (93) | 465 | 142 | 229 | — | (813) | 162 |
| Total revenues | $2,427 | $191 | $846 | $224 | $314 | $— | $(813) | $3,189 |
(a)Represents net capacity sold in each ISO/RTO. The East segment includes $41 million of capacity sold offset by $19 million of capacity purchased. The Sunset segment includes $18 million of capacity sold offset by $9 million of capacity purchased. Net capacity purchased in each ISO/RTO included in fuel, purchased power costs and delivery fees in the condensed consolidated statement of operations includes capacity purchased of $30 million offset by $29 million of capacity sold within the East segment.
(b)Includes $89 million of unrealized net gains from mark-to-market valuations of commodity positions.
| Three Months Ended | Retail | Texas | East | West | Sunset | Asset Closure | Corporate and Other | Eliminations (1) | Consolidated |
|---|---|---|---|---|---|---|---|---|---|
| June 30, 2023 | $24 | $(673) | $202 | $104 | $103 | $8 | $— | $321 | $89 |
(c)Texas segment includes $494 million of affiliated unrealized net losses and the East and Sunset segments include $126 million and $48 million, respectively, of affiliated unrealized net gains from mark-to-market valuations of commodity positions with the Retail segment.
| Six Months Ended June 30, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Retail (a) | Texas | East (a) | West | Sunset | Asset Closure | Eliminations | Consolidated | |
| (in millions) | ||||||||
| Revenue from contracts with customers: | ||||||||
| Retail energy charge in ERCOT | $3,741 | $— | $— | $— | $— | $— | $— | $3,741 |
| Retail energy charge in Northeast/Midwest (a) | 1,654 | — | — | — | — | — | — | 1,654 |
| Wholesale generation revenue from ISO/RTO | — | 118 | 370 | 117 | 165 | — | — | 770 |
| Capacity revenue from ISO/RTO (b) | — | — | 32 | — | 4 | — | — | 36 |
| Revenue from other wholesale contracts | — | 231 | 135 | 113 | 78 | — | — | 557 |
| Total revenue from contracts with customers | 5,395 | 349 | 537 | 230 | 247 | — | — | 6,758 |
| Other revenues: | ||||||||
| Intangible amortization | (1) | — | — | — | (2) | — | — | (3) |
| Transferable PTC revenues (c) | — | 5 | — | — | — | — | — | 5 |
| Hedging and other revenues (d) | 243 | (544) | 12 | 253 | 174 | — | 1 | 139 |
| Affiliate sales (e) | 25 | 802 | 1,281 | 4 | 207 | — | (2,319) | — |
| Total other revenues | 267 | 263 | 1,293 | 257 | 379 | — | (2,318) | 141 |
| Total revenues | $5,662 | $612 | $1,830 | $487 | $626 | $— | $(2,318) | $6,899 |
(a)Includes revenues associated with operations acquired in the Energy Harbor Merger.
(b)Represents net capacity sold in each ISO/RTO. The East segment includes $60 million of capacity sold offset by $28 million of capacity purchased. The Sunset segment includes $4 million of capacity sold. Net capacity purchased in each ISO/RTO included in fuel, purchased power costs and delivery fees in the condensed consolidated statement of operations includes capacity purchased of $44 million offset by $19 million of capacity sold within the East segment.
(c)Represents transferable PTCs generated from qualifying solar assets during the period.
(d)Includes $389 million of unrealized net losses from mark-to-market valuations of commodity positions.
| Six Months Ended | Retail | Texas | East | West | Sunset | Asset Closure | Corporate and Other | Eliminations (1) | Consolidated |
|---|---|---|---|---|---|---|---|---|---|
| June 30, 2024 | $(311) | $(1,275) | $(81) | $221 | $(47) | $6 | $— | $1,098 | $(389) |
(e)Texas, East and Sunset segment includes $909 million, $171 million and $20 million, respectively, of affiliated unrealized net losses from mark-to-market valuations of commodity positions with the Retail segment.
| Six Months Ended June 30, 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Retail | Texas | East | West | Sunset | Asset Closure | Eliminations | Consolidated | |
| (in millions) | ||||||||
| Revenue from contracts with customers: | ||||||||
| Retail energy charge in ERCOT | $3,411 | $— | $— | $— | $— | $— | $— | $3,411 |
| Retail energy charge in Northeast/Midwest | 778 | — | — | — | — | — | — | 778 |
| Wholesale generation revenue from ISO/RTO | — | 232 | 401 | 237 | 120 | — | — | 990 |
| Capacity revenue from ISO/RTO (a) | — | — | 30 | — | 27 | — | — | 57 |
| Revenue from other wholesale contracts | — | 209 | 509 | 79 | 99 | — | — | 896 |
| Total revenue from contracts with customers | 4,189 | 441 | 940 | 316 | 246 | — | — | 6,132 |
| Other revenues: | ||||||||
| Intangible amortization | (1) | — | (2) | — | (1) | — | — | (4) |
| Transferable PTC revenues | — | 5 | — | — | — | — | — | 5 |
| Hedging and other revenues (b) | 589 | (246) | 424 | 134 | 580 | — | — | 1,481 |
| Affiliate sales (c) | — | 1,344 | 1,293 | 5 | 317 | — | (2,959) | — |
| Total other revenues | 588 | 1,103 | 1,715 | 139 | 896 | — | (2,959) | 1,482 |
| Total revenues | $4,777 | $1,544 | $2,655 | $455 | $1,142 | $— | $(2,959) | $7,614 |
(a)Represents net capacity sold in each ISO/RTO. The East segment includes $83 million of capacity sold offset by $53 million of capacity purchased. The Sunset segment includes $63 million of capacity sold offset by $36 million of capacity purchased. Net capacity purchased in each ISO/RTO included in fuel, purchased power costs and delivery fees in the condensed consolidated statement of operations includes capacity purchased of $61 million offset by $50 million of capacity sold within the East segment.
(b)Includes $1.366 billion of unrealized net gains from mark-to-market valuations of commodity positions.
| Six Months Ended | Retail | Texas | East | West | Sunset | Asset Closure | Corporate and Other | Eliminations (1) | Consolidated |
|---|---|---|---|---|---|---|---|---|---|
| June 30, 2023 | $165 | $(305) | $1,145 | $116 | $580 | $25 | $— | $(360) | $1,366 |
(c)Texas segment includes $309 million of affiliated net losses and East and Sunset segments include $521 million and $151 million, respectively, of affiliated unrealized net gains from mark-to-market valuations of commodity positions with the Retail segment.
Performance Obligations
As of June 30, 2024, we have future fixed fee performance obligations that are unsatisfied, or partially unsatisfied, relating to capacity auction volumes awarded through capacity auctions held by the ISO/RTO or contracts with customers for which the total consideration is fixed and determinable at contract execution. Capacity revenues will be recognized assuming the performance obligations are met and as capacity is made available to the related ISOs/RTOs or counterparties.
| Balance of 2024 | 2025 | 2026 | 2027 | 2028 | 2029 and Thereafter | Total | |
|---|---|---|---|---|---|---|---|
| (in millions) | |||||||
| Remaining performance obligations | $285 | $480 | $331 | $272 | $122 | $610 | $2,100 |
Accounts Receivable
See Note 17 for details of accounts receivable relating to revenue from contracts with customers and other activities.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.