IRVING, Texas, January 24, 2022 /PRNewswire/ — Vistra (NYSE: VST) announced today that it plans to further expand its Moss Landing Energy Storage Facility Moss Landing, California. The Company has entered into a 15-year resource adequacy agreement with Pacific Gas and Electric Company (PG&E) for a new 350-megawatt/1,400-megawatt-hour battery system. This would complement the 400 MW/1,600 MWh energy storage capacity already on site. On January 21, 2022, PG&E submitted its application to the California Public Utilities Commission (CPUC) to approve the contract, with a decision expected within 180 days.
“Through this partnership with PG&E, Vistra brings its skills and expertise to lead the clean energy transition and bring much-needed power to people in the city California,” said Kurt Morgan, CEO of Vista. “These innovative battery energy storage systems are necessary to maintain power grid reliability as more and more intermittent renewable energies are integrated into the power grid.”
As with previous phases, Moss Landing Phase III will be rapidly deployable due to the use of a previously approved development permit and its location on a Vistra power plant site with existing connectivity and infrastructure. At its factory locations in California and across the country, Vistra is a leader in the responsible reclamation and reuse of sites historically used for fossil fuels, converting them with renewable energy and battery storage, resulting in economic activity and tax bases for communities.
Today’s announcement brings the moss landing Total energy storage capacity of the site to 750 MW/3,000 MWh, the largest of its kind in the world:
Morgan continued, “With this planned expansion, we are moving the moss landing Location closer to its full potential. With additional phases, this project could eventually reach 1,500 MW – enough to power approximately 1.125 million homes statewide California with emission-free electricity. Vistra is committed to the company’s transition to climate change – and ours – through our Vistra Zero portfolio moss landing The site is a shining example of aligning our generation fleet with zero-carbon technologies.”
Pending receipt of CPUC approval, Vistra expects construction of the third phase of the Moss Landing battery energy storage project to begin in 2019 May 2022 and will begin commercial operations before June 2023.
With a robust project pipeline, Vistra plans to expand its zero-carbon Vistra Zero portfolio to 7,300 MW by 2026. This includes 5,000 MW of renewable energy and energy storage, as well as the company’s 2,300 MW zero-emission nuclear power plant, Comanche Peak. Next to his California projects, the company currently has six solar systems and 11 additional storage and solar-plus storage systems, all in different development and operational phases Texas and Illinois. Before this summer, Vistra will commission its 50 MW Brightside solar plant, 108 MW Emerald Grove solar plant and 260 MW DeCordova energy storage plant – all in the Texas ERCOT market.
Vistra (NYSE: VST) is a leading Fortune 275 integrated power and generation company headquartered in Irving, Texas, which provides essential resources for customers, trade and communities. Vistra combines an innovative, customer-centric approach to retail with safe, reliable, diverse and efficient power generation. The Company markets its products and services in 20 US states and the United States District of Columbia, including six of the seven competitive wholesale markets in the United States and markets in Canada and Japan, such as. Vistra supplies electricity and natural gas to nearly 4.3 million residential, commercial and industrial retail customers, is one of the largest competitive electricity providers in the country and offers over 50 renewable energy plans. The company is also the largest competitive electric power producer in the US with approximately 39,000 megawatts of capacity powered by a diverse portfolio including natural gas, nuclear, solar and battery energy storage assets. In addition, Vistra is a large buyer of wind energy. The Company owns and operates the 400MW/1,600MWh battery energy storage system in Moss Landing, California, the largest of its kind in the world. Vistra is guided by four core principles: we do business the right way, we work as a team, we fight to win and we care about our stakeholders including our customers, our communities in which we work and live, our employees and our investors. Learn more about our environmental, social and governance efforts and read the company’s sustainability report at https://www.vistracorp.com/sustainability/.
Cautionary Note Regarding Forward-Looking Statements
The information presented herein contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Vistra Corp. operates. (“Vistra”) operates and the beliefs and assumptions of Vistra’s management involve risks and uncertainties that are difficult to predict and are not guarantees of future performance, which could materially affect Vistra’s financial results. All statements, other than statements of historical fact, presented here or in response to questions or otherwise, relating to activities, events or developments that may occur in the future, including such matters as activities related to our financial or operational projections, the potential impact of the COVID-19 pandemic on our results of operations, financial condition and cash flows, projected synergies, value levers and net debt targets, capital allocation, capital expenditures, liquidity, projected adjusted EBITDA to free cash flow conversion ratio, dividend policy, business strategy, Competitive strengths, objectives, future acquisitions or divestitures, development or operation of power generation assets, market and industry developments, and the growth of our businesses and operations (often, but not always, through the use of words or phrases, or the negative ven variations of these words or other comparable words of a forward-looking or forward-looking nature, including but not limited to: “intends,” “plans,” “is likely,” “unlikely,” “believes,” “confident,” “expects,” ” aims”, “anticipates”, “estimates”, “continues”, “will”, “should”, “should”, “could”, “may”, “could”, “predict”, “project”, “forecast”. ‘, ‘Target’, ‘Potential’, ‘Target’, ‘Target’, ‘Guidance’ and ‘Outlook’) are forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements. Although Vistra believes that Vistra’s expectations in making such forward-looking statements are based on reasonable assumptions, such forward-looking statements involve uncertainties and risks that could cause results to differ materially from those projected or implied in such forward-looking statements Statement, including but not limited to: (i) adverse changes in general economic or market conditions (including changes in interest rates) or changes in political conditions or federal or state laws and regulations; (ii) Vistra’s ability to implement its intended strategic, capital allocation, performance and cost savings initiatives and to successfully integrate acquired businesses; (iii) actions by rating agencies; (iv) the severity, magnitude and duration of any pandemic, including the COVID-19 pandemic, and the resulting impact on our results of operations, financial condition and cash flows; (v) the severity, magnitude and duration of extreme weather events (including Winter Storm Uri), associated contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control, and the resultant impact on our operations , financial position and cash flows; and (vi) those additional risks and factors discussed in reports filed by Vistra with the Securities and Exchange Commission from time to time, including the uncertainties and risks discussed in the “Risk Factors” and “Forward Looking Statements” in Vistra’s Annual Report Report on Form 10-K for the current year December 31, 2020, and any quarterly reports subsequently filed on Form 10-Q.
Any forward-looking statement speaks only as of the date on which it is made, and except as required by law, Vistra undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date they were made or to reflect the to reflect the occurrence of unforeseen events. New factors emerge from time to time and it is not possible to predict them all; Nor can Vistra assess the impact of each of these factors or the extent to which any one factor or combination of factors could cause results to differ materially from those contained in any forward-looking statements.
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