Vistra’s net income stood at US$502mil in the three months ended Sept 30, compared to US$678mil a year earlier, the company said. — Reuters
NEW YORK: Texas-based energy company Vistra on Tuesday posted lower third-quarter net income, as higher hedging losses offset record electricity demand during a hot summer.
Vistra’s net income stood at US$502mil in the three months ended Sept 30, compared to US$678mil a year earlier, the company said. Within the Texas region, hotter-than-usual temperatures had kept wholesale power prices higher than it had expected, it said, which ate into its earnings.
Vista had set prices for consumers before the summer, at a lower level.
However, the company captured earnings in markets outside of the Texas region due to milder weather that kept prices low, it said.
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 amortisation to US$3.95bil-US$4.1bil from US$3.6bil-US$4bil previously. — Reuters
