The company said within the Texas region hotter-than-usual temperatures had kept power prices higher than it had expected.As of end of the third quarter, Vistra had hedged approximately 90% of its expected generation volumes on average for the balance of 2023 through 2025, its earnings release showed.
The company raised and narrowed its outlook for 2023 ongoing operations-adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to $3.95 billion-$4.1 billion from $3.6 billion-$4 billion previously.
CEO Jim Burke said in a statement the group remained focused on “producing strong, stable earnings”, returning capital to shareholders, maintaining balance sheet strength, and supporting the clean-energy transition.
The company was working to close its $3.43 billion acquisition of Energy Harbor, announced in March, “in the fourth quarter”, he added. In addition to a retail business, Energy Harbor operates nuclear power plants in Ohio and Pennsylvania.
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