Taking Severe Financial Hit from Texas Outages, Vistra CEO Discusses What Went Wrong

SUGAR LAND--March 1, 2021--Researched by Industrial Info Resources (Sugar Land, Texas)--Vistra Corporation (NYSE:VST) (Irving, Texas), one of the largest power providers in the U.S. and responsible for an approximately 18% market share in Texas' much-headlined ERCOT grid, faced a tough a February with the winter freeze in Texas, and the consequences of that disaster on the company have yet to be fully seen. According to the company's recent 8-K filing with the U.S. Securities and Exchange Commission, Vistra will take a $900 million-to-$1.3 billion financial hit from the Texas outages. Vistra could not operate some of its facilities at full capacity or at all because of a shortage of natural gas and was forced to purchase power on the wholesale market at extremely high prices during the event.