Vistra Corp
For the period ended Sep 30, 2024. Filed Nov 8, 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.
Sep 30, 2024 · Filed Nov 8, 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 September 30, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Retail | Texas | East (a) | West | Sunset | Asset Closure | Eliminations / Corporate and Other | Consolidated | |
| (in millions) | ||||||||
| Revenue from contracts with customers: | ||||||||
| Retail energy charge in ERCOT | $2,500 | $— | $— | $— | $— | $— | $— | $2,500 |
| Retail energy charge in Northeast/Midwest (a) | 1,051 | — | — | — | — | — | — | 1,051 |
| Wholesale generation revenue from ISO/RTO | — | 95 | 251 | 51 | 123 | — | — | 520 |
| Capacity revenue from ISO/RTO (b) | — | — | 18 | — | — | — | — | 18 |
| Revenue from other wholesale contracts | — | 94 | 76 | 58 | 23 | — | 1 | 252 |
| Total revenue from contracts with customers | 3,551 | 189 | 345 | 109 | 146 | — | 1 | 4,341 |
| Other revenues: | ||||||||
| Intangible amortization | 1 | — | — | — | (1) | — | — | — |
| Transferable PTC revenues (c) | — | 4 | — | — | — | — | — | 4 |
| Hedging and other revenues (d) | 681 | 827 | 188 | 132 | 103 | 1 | 11 | 1,943 |
| Intersegment sales (e) | 18 | 3,084 | 991 | 1 | 221 | — | (4,315) | — |
| Total other revenues | 700 | 3,915 | 1,179 | 133 | 323 | 1 | (4,304) | 1,947 |
| Total revenues | $4,251 | $4,104 | $1,524 | $242 | $469 | $1 | $(4,303) | $6,288 |
(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 $30 million of capacity sold offset by $12 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 $44 million offset by $28 million of capacity sold within the East segment.
(c)Represents transferable PTCs generated from qualifying solar assets during the period.
(d)Includes $1.960 billion 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 |
|---|---|---|---|---|---|---|---|---|---|
| (in millions) | |||||||||
| September 30, 2024 | $308 | $2,711 | $340 | $99 | $82 | $2 | $— | $(1,582) | $1,960 |
(e)Texas, East, Sunset and West segments include $1.456 billion, $57 million, $68 million and $1 million, respectively, of intersegment unrealized net gains from mark-to-market valuations of commodity positions with the Retail segment.
| Three Months Ended September 30, 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Retail | Texas | East | West | Sunset | Asset Closure | Eliminations / Corporate and Other | Consolidated | |
| (in millions) | ||||||||
| Revenue from contracts with customers: | ||||||||
| Retail energy charge in ERCOT | $2,667 | $— | $— | $— | $— | $— | $— | $2,667 |
| Retail energy charge in Northeast/Midwest | 464 | — | — | — | — | — | — | 464 |
| Wholesale generation revenue from ISO/RTO | — | 697 | 354 | 79 | 159 | — | — | 1,289 |
| Capacity revenue from ISO/RTO (a) | — | — | 12 | — | 8 | — | — | 20 |
| Revenue from other wholesale contracts | — | 202 | 75 | 50 | 22 | — | — | 349 |
| Total revenue from contracts with customers | 3,131 | 899 | 441 | 129 | 189 | — | — | 4,789 |
| Other revenues: | ||||||||
| Intangible amortization | 1 | — | — | — | (1) | — | — | — |
| Transferable PTC revenues | — | 3 | — | — | — | — | — | 3 |
| Hedging and other revenues (b) | 251 | (987) | (135) | 215 | (51) | — | 1 | (706) |
| Intersegment sales (c) | — | 1,602 | 345 | — | 87 | — | (2,034) | — |
| Total other revenues | 252 | 618 | 210 | 215 | 35 | — | (2,033) | (703) |
| Total revenues | $3,383 | $1,517 | $651 | $344 | $224 | $— | $(2,033) | $4,086 |
(a)Represents net capacity sold in each ISO/RTO. The East segment includes $32 million of capacity sold offset by $20 million of capacity purchased. The Sunset segment includes $8 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 $7 million offset by $8 million of capacity sold within the East segment.
(b)Includes $345 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 |
|---|---|---|---|---|---|---|---|---|---|
| (in millions) | |||||||||
| September 30, 2023 | $(70) | $(380) | $(128) | $176 | $(118) | $8 | $— | $167 | $(345) |
(c)Texas, East and Sunset segments include $78 million, $81 million and $8 million, respectively, of intersegment unrealized net losses from mark-to-market valuations of commodity positions with the Retail segment.
| Nine Months Ended September 30, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Retail (a) | Texas | East (a) | West | Sunset | Asset Closure | Eliminations / Corporate and Other | Consolidated | |
| (in millions) | ||||||||
| Revenue from contracts with customers: | ||||||||
| Retail energy charge in ERCOT | $6,241 | $— | $— | $— | $— | $— | $— | $6,241 |
| Retail energy charge in Northeast/Midwest (a) | 2,705 | — | — | — | — | — | — | 2,705 |
| Wholesale generation revenue from ISO/RTO | — | 213 | 621 | 168 | 288 | — | — | 1,290 |
| Capacity revenue from ISO/RTO (b) | — | — | 50 | — | 4 | — | — | 54 |
| Revenue from other wholesale contracts | — | 325 | 211 | 171 | 101 | — | 1 | 809 |
| Total revenue from contracts with customers | 8,946 | 538 | 882 | 339 | 393 | — | 1 | 11,099 |
| Other revenues: | ||||||||
| Intangible amortization | — | — | — | — | (3) | — | — | (3) |
| Transferable PTC revenues (c) | — | 9 | — | — | — | — | — | 9 |
| Hedging and other revenues (d) | 924 | 283 | 200 | 385 | 277 | 1 | 12 | 2,082 |
| Intersegment sales (e) | 43 | 3,886 | 2,272 | 5 | 428 | — | (6,634) | — |
| Total other revenues | 967 | 4,178 | 2,472 | 390 | 702 | 1 | (6,622) | 2,088 |
| Total revenues | $9,913 | $4,716 | $3,354 | $729 | $1,095 | $1 | $(6,621) | $13,187 |
(a)Includes six months of revenues associated with operations acquired in the Energy Harbor Merger.
(b)Represents net capacity sold in each ISO/RTO. The East segment includes $90 million of capacity sold offset by $40 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 $88 million offset by $47 million of capacity sold within the East segment.
(c)Represents transferable PTCs generated from qualifying solar assets during the period.
(d)Includes $1.571 billion of unrealized net gains from mark-to-market valuations of commodity positions.
| Nine Months Ended | Retail | Texas | East | West | Sunset | Asset Closure | Corporate and Other | Eliminations (1) | Consolidated |
|---|---|---|---|---|---|---|---|---|---|
| (in millions) | |||||||||
| September 30, 2024 | $(3) | $1,436 | $259 | $320 | $35 | $8 | $— | $(484) | $1,571 |
(e)Texas and Sunset segments include $547 million and $48 million, respectively, of intersegment unrealized net gains and East segment includes $114 million of intersegment unrealized net losses from mark-to-market valuations of commodity positions with the Retail segment.
| Nine Months Ended September 30, 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Retail | Texas | East | West | Sunset | Asset Closure | Eliminations / Corporate and Other | Consolidated | |
| (in millions) | ||||||||
| Revenue from contracts with customers: | ||||||||
| Retail energy charge in ERCOT | $6,079 | $— | $— | $— | $— | $— | $— | $6,079 |
| Retail energy charge in Northeast/Midwest | 1,242 | — | — | — | — | — | — | 1,242 |
| Wholesale generation revenue from ISO/RTO | — | 929 | 756 | 316 | 279 | — | — | 2,280 |
| Capacity revenue from ISO/RTO (a) | — | — | 42 | — | 35 | — | — | 77 |
| Revenue from other wholesale contracts | — | 411 | 584 | 128 | 123 | — | — | 1,246 |
| Total revenue from contracts with customers | 7,321 | 1,340 | 1,382 | 444 | 437 | — | — | 10,924 |
| Other revenues: | ||||||||
| Intangible amortization | — | — | (2) | — | (2) | — | — | (4) |
| Transferable PTC revenues | — | 8 | — | — | — | — | — | 8 |
| Hedging and other revenues (b) | 840 | (1,233) | 288 | 349 | 528 | — | 1 | 773 |
| Intersegment sales (c) | — | 2,946 | 1,637 | 6 | 403 | — | (4,992) | — |
| Total other revenues | 840 | 1,721 | 1,923 | 355 | 929 | — | (4,991) | 777 |
| Total revenues | $8,161 | $3,061 | $3,305 | $799 | $1,366 | $— | $(4,991) | $11,701 |
(a)Represents net capacity sold in each ISO/RTO. The East segment includes $115 million of capacity sold offset by $73 million of capacity purchased. The Sunset segment includes $71 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 $68 million offset by $58 million of capacity sold within the East segment.
(b)Includes $1.020 billion of unrealized net gains from mark-to-market valuations of commodity positions.
| Nine Months Ended | Retail | Texas | East | West | Sunset | Asset Closure | Corporate and Other | Eliminations (1) | Consolidated |
|---|---|---|---|---|---|---|---|---|---|
| (in millions) | |||||||||
| September 30, 2023 | $95 | $(686) | $1,017 | $293 | $462 | $32 | $— | $(193) | $1,020 |
(c)Texas segment includes $388 million of intersegment net losses and East and Sunset segments include $440 million and $144 million, respectively, of intersegment unrealized net gains from mark-to-market valuations of commodity positions with the Retail segment.
Performance Obligations
As of September 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 | $138 | $1,112 | $797 | $273 | $122 | $610 | $3,052 |
Trade Accounts Receivable
| September 30,2024 | December 31,2023 | |
|---|---|---|
| (in millions) | ||
| Wholesale and retail trade accounts receivable | $2,267 | $1,735 |
| Allowance for uncollectible accounts | (88) | (61) |
| Trade accounts receivable — net | $2,179 | $1,674 |
| Trade accounts receivable from contracts with customers — net | $1,792 | $1,239 |
| Other trade accounts receivable — net | 387 | 435 |
| Trade accounts receivable — net | $2,179 | $1,674 |
Gross trade accounts receivable as of September 30, 2024 and December 31, 2023 include unbilled retail revenues of $917 million and $614 million, respectively.
Allowance for Uncollectible Accounts Receivable
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| (in millions) | ||
| Allowance for uncollectible accounts receivable at beginning of period | $61 | $65 |
| Increase for bad debt expense | 132 | 131 |
| Decrease for account write-offs | (105) | (110) |
| Allowance for uncollectible accounts receivable at end of period | $88 | $86 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.