Vistra's Retail Business Should Carry It Through Power Market Downturn
We are reaffirming our $32 fair value estimate for NRG Energy and $20.50 fair value estimate for Vistra Energy after the Texas electric grid operator, ERCOT, released its updated 2019 summer reliability report and long-term supply and demand outlook. We are reaffirming our no-moat, stable trend rating for NRG and no-moat, negative trend rating for Vistra.The supply/demand balance in Texas power markets remains tight, but ERCOT's outlook suggests conditions have eased since its previous forecast...
Vistra Energy operates an integrated retail and generation business in markets throughout the U.S. Through its subsidiaries, the company is engaged in electricity market activities, including electricity generation, wholesale energy sales and purchases, commodity risk management and retail sales of electricity. The company has six segments: Retail, ERCOT, PJM, NY/NE (comprising NYISO and ISO-NE), MISO and Asset Closure. The Retail segment is engaged in retail sales of electricity and related services. The ERCOT, PJM, NY/NE and MISO segments are engaged in electricity generation, among others. The Asset Closure segment is engaged in the decommissioning and reclamation of retired plants and mines.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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