Volatile Power Markets Help Vistra's Near-Term Outlook, Create Long-Term Uncertainty
Once part of the sprawling Energy Future Holdings complex, Vistra Energy broke off when EFH exited bankruptcy in 2016. Its first two years have been a success, but we think investors should be cautious.As an independent power producer and retail energy provider, Vistra has a much different risk profile than a typical regulated utility. Vistra is subject to the whims of the U.S. energy markets, particularly electricity and natural gas markets. These same markets are what led EFH into bankruptcy j...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.
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