the morning Molly to everyone Thank good and call. on you,
appreciate your in As always, Energy. Vistra we interest
announcing into dive quarter, would today’s results process. Vistra’s kickoff allocation planning to call outcome we of capital for I the Before like the
$X.XX increase X, Vistra has to Energy a both a excited today Board I billion see the As to for $X.XX approved as bringing initiation authorized share as program program. Slide am our announce Directors up well of you of total can billion to our dividend on repurchase that the recurring repurchases
remain our achieving X.Xx EBITDA. pillars: new three provide shareholders does believe shares industry. our policy the returning addition, leverage a capital is maintaining the total recurring In opportunistically both our that target and in price net to on allocation based when allocation lowest capital over debt through of dividend it core our repurchasing with reflects key is we we as of stock We predictable grows an The return shareholders and periodically; our long-term believe leverage attractive an investors our today; to valuation years. will attract attractive capital to plan and the committed shareholder
let’s Now, allocation details of on time some spend plan. the capital the
increase high-teens undervalued. share $X.XX billion. trading our We approved been mid has the flow Board existing program to in a up free our authorized total $XXX repurchase billion believe at a cash equity has yield million is the First, bringing our to to meaningfully $X.XX which
investments we allocating repurchases make this result, of can share time. a capital most attractive As one incremental at is towards present the
the XXX of additional the suggests XXXX board this repurchases share basis we beginning of authorization execute June initial on is year. significantly opportunistic valuations. the in of in the plan million already value share to current authorized own have analysis Our above intrinsic under the completed Vistra an We equity as repurchases
block authorization nature. the opportunistic trades purely are $X.XX shares a to billion portion be emergence-related In any opportunistically toward explore of addition, of will from stockholders, able interested we this nature. large investors trades with in block might we Possibly if selling other allocating repurchase such
XX our the market to months. next open in XX We executed over be share the expect authorization months the of repurchase majority will
is initiated dividend expected week payable Next, of quarterly. in of Board share approximately with first of the quarter the annual per dividend program to XXXX payment $X.XX approved be this the the by
the expect declaration XXXX. dividend the we evaluate customary, is in Board quarter of quarterly will As first the of basis on beginning a
generated under less XX% than flow the of expectation share XXXX the business. flow yield reflect approximately dividend $X.XX less per dividend further about from dividend higher annual business. flow before expects substantial is the equities. allocated average X% growth annual more cash the XX% forecast payment grow than with of will given XXX which the the that be S&P recurrent growth will still of And paying for to to Management this we rate from our of at free $X.X Even the of by to just is size forecast cash than expect Our billion free have capital represents uses. consolidated before stable share. than payment X% approximately other free of per we is retail manageable dividend currently of of Vistra The an our dividend XXXX X% It would cash operations. this
We net X% be detail are also share discuss can EBITDA projected cash in last, to And momentarily. including rate Vistra supported our target for flow dividend its targeted the growth leverage confident to debt growth free annual which initiatives more the long-term remains to by will X% of committed EBITDA. achieving X.Xx comfortably I
Board shares target, time of compelling make. of investment our a the equity this single committed attractive firmly management repurchasing at leverage investment we do our and is can valuation that to Directors the such is recognize most believe that remain we we our opportunity While Vistra achieving this
allow level allocation our EBITDA us an the will repurchase but of investment by will remain to near-term end year year grade to long-term to of to decision. Moreover, credit reallocation this that net generate timing of projected by cash even basis, announcing to target rotation the still on it Balance to consistent priority for we the X.Xx getting important sensible Vistra this We of by upgrade Vistra. history share annual do core to achievement of the today, Accordingly, sight view available In believe projecting a through and with meaningfully of company to leverage any debt investment prior XXXX our still to to we ratings years EBITDA portion our to delay which demonstrate debt XXXX. leverage our cash strength Further, we debt flow, we end achieving here free on remains an couple to to accelerate end XXXX, reallocating And flows sizable addition, manage will it of XXXX. the we net a of results with we achieving line year lowest is are considering It not ratings. to is as financial our realize committed note agencies capital program target, that a shareholder is X.Xx of in to We the will of our for have sector. grade. sheet year we end intend an cash of believe base. delays net a rating this the us leverage enhanced are this business X.Xx require EBITDA achieve accordingly.
December bankruptcy have asset to In summarize program to returning paid over quarter a XXXX. Vistra in we are be XXXX. in the sheet dividend announcing and particular, initiation of the recurring through from disciplined after special emergence investing meaningful to of optimization. begin shortly dividend $X million And of now balance expected Since first in Slide also emergence free on years. useful maximizing to past while shareholders capital Vistra’s the cash X, to record bankruptcy Turning capital strong our shown and I X our we it from allocation thought flow might commitment EBITDA a now
incremental Next, $X.XX we recently of completed repurchases we execution of of of billion repurchases. share today and authorization $XXX million an share announced
also the annual executing repay million by other basis. merger have reducing the our approximately management, interest prioritized approximately debt opportunistic of $XXX of We on transactions a billion refinancing electing announcement since liability on to pretax $X.X and
next We years to and will reduce the our high range are $X.X over for debt now annual cost to to of continue billion reduce our and forecasting look interest we legacy billion the further debt in will refinance balances we further Dynegy opportunities X expense. $X.X
while our investment of uneconomic our and in of threshold to coal cost low assets combined XXX basis optimized our cycle with capital. above a megawatts an points and exceeded in rate we battery generation Finally, of both approximately heat to ERCOT XX attractive retiring project XXX megawatt cost, XXXX XXXX a portfolio which solar investing plant, X,XXX low
is In and exceeded Vistra’s exhibiting fact, Vistra’s the range three on threshold assets Xx recently investment returns. in our in X of EBITDA solar acquisition comfortably the to Upton Xx based multiple while with CCGT acquired on our battery investment forecast its XXXX investment high-teens respective discipline,
assumes our on alone also and in no Dynegy for full the We purchase acquisition business. and underlying value price, netting the after approximately operations the the further which synergies from billion closed diversifying equity value $X.X creating
the capacity Dynegy for was power price we merger. date of particularly the the the in intrinsic However, since increase curves given purchase believe below value, clearance
are California a focus in full battery free further Northeast from operations include on an XXXX at Midwest year and executing the future, of opportunities Oakland flow cash in retail pursuing initiative from our optimization potentially our in near-term we at We storage portfolio Examples solar portfolio and and our move and the and Landing Upton have flow this incremental the optimizing of XXXX. investments optimization. continuing project, we optimizing MISO Moss our our cash through on battery and and investing enhance X EBITDA site markets, to site benefits disciplined as EBITDA close and free organic into expansion out debt our realizing from and the value performance
billion adjusted Analyst on free we as in basis. generate addition, Day $X.X annual ongoing billion approximately cash $X In in expect described more at we or June, flow operations we an our will to
than with we projection adjusted generate flow similar our more before operations in cash are ongoing we in XXXX. from forecasting growth fact, XXXX, billion will In in free a $X
expects of as to as years investing a easily projects. future Vistra it accretive well its be continue result, able shareholders to returning As growth trend in in will capital
$XXX we have mentioned previously, annual we company of an capital average, on approximately growth of million size. of estimate believe appropriate seems our for a As
investment management’s in return scale the approximately would note track will that at per it X% an business we in EBITDA, dividend if to invest our do would to year to find opportunities capital believe criteria, given our X%. We but intention grow is support investment attractive to year, which capability $XXX shareholders. rate this return our and us we position, Given its approximately million record, important should business, of opportunity generate in to afford annual not any expect we further to
quarter mitigation now billion Vistra Turning risk weather we cover like operations. I and quarter third keep average to adjusted $X.XXX megawatts results for for Slide we open from despite third our approximately financial results. its adjusted $X.XXX ongoing delivering XXXX in August purposes. would in capture XXXX from EBITDA operations of the EBITDA Vistra’s were below is quarter year-to-date Strong X, Texas, the able the Year-to-date, to which margin our to ongoing from generation limited intentionally summer in X,XXX the billion. of months finished
cumulative the May, buybacks adjusted operations of executed been the the partial would of Vistra’s from to X.XXX. Odessa impact and power EBITDA year-to-date have adjusted February EBITDA plant in ongoing Excluding earn-out
the view in reminder, approximately As economic $XX Odessa execution. benefit investment, of was paid when an of which largely locked a time buybacks, premium million, the we as executed around we the the the earn-out net we which
might through expectations. recall, were internal tracking ahead Vistra’s you As of XX June results
a for narrowing our our range while X.XX guidance prior to Texas, adjusted weather are year midpoint August ongoing for despite As billion, full result, operations maintaining disappointing X.XX we our XXXX EBITDA to to the in ongoing XXXX billion. are mid-point before X.X full X.XX year our of we operations billion, prior range maintaining adjusted to flow guidance growth free X.X of narrowing X.XX billion. cash Similarly,
the of May well, with points guidance confidence and a our XXXX of mid forward of reaffirmation testament the model, our higher utilized Our the develop EBITDA our continues our profile. perform curves integrated to stability to the is which strength supporting guidance
our and the which comparable and be a curves, in original to merger implied likely $X.XX billion guidance tracking XXXX billion May we're October also are XXXX on adjusted more flow similar guidance guidance XXXX we $X.XX $XXX others operations billion utilizing fact, range to EBITDA to guidance, million midpoint the In used curves use our above would free before for than XXXX adjusted to cash we Today $X.X XXXX to our ongoing operations billion. guidance range narrowing ongoing growth basis. $X.X
our significantly before adjusted ongoing higher As XXXX. ongoing Vistra flow other we even on focused and is EBITDA conversion more for than of expecting on is significant that the price of prove stable our create to convert continuing that as executing cash XX% a In flow to its cash business will can This valuation free adjusted conversion time will to operations model wholesale flow we our full energy one challenging meantime, is as result, capital-intensive a in over to in market free financial this lead the Vistra. relatively business that be commitments operations industries new commodity-based growth unique environments. and plan to a deliver result, characteristic cash believe we than power EBITDA and ratio
we today, curves in the discussion on I stable for highlight a we Before markets guidance in reason are EBITDA uplifted across more all quarter financial XXXX leave XXXX to the incrementally provided with Vistra providing that not the to lock performance forward profile. would like has hedge opportunities order to though
in continue and In ERCOT increasing an in we expect the value. to resulting in addition, forwards at opportunity to lock least XXXX continued the in strong fundamentals
most rule by the on could positively also a act XXXX We the and reserve which operating also in curves, beyond. demand believe XXXX of may the impact notably Texas market summer PUC changes forwards
may due declining forecasting EBITDA in capacity XXXX lower in principally and PJM. recall, you Dynegy to revenues XXXX was As
flat However, our levers, cash increasing value beyond growth be are XXXX flow and forecasting before now adjusted relatively XXXX to with in improvements and ongoing with adjusted expectations through curve free XXXX. EBITDA we confidence merger operations Vistra’s
hit you Slide fact, has other XX, September XXXX MISO see of at X, of as generation than to can markets for that all In in least its turning CAISO. and length XX% Vistra
will hedging as combined XX% for adjusted retail and XX, operations the forward of plus capacity to to curves exposure practice has generation growth. a markets with the In we stable $X of all markets also addition, in allows billion environments wholesale investments in power in expect It volatility Vistra without hedged create that to be in profile length is what September this stable our EBITDA its of XX% varying XXXX. generally Vistra into market
nature, the day analyst near-term strategy. facilitates of the going feature is may with through savings, As important sectors some our are transformation my assets and operational in efficiencies, money and which recall from an our our of significant hedging unique efficiency you presentation, Vistra they divestitures. the much-needed a in In cases, cost
and is on our see natural basis we the would you We with in adaptability it to And will believe assets. remaining be strong a businesses streams having in done, will point and and is and as I be said high balance earlier. a the mentioned gas quality like of and to deepen less that also to ERCOT optimize as intentional meaningfully the when as continue However, discrepancy to in on hedge absolutely both heat out assets that when to money critical revenue are will will believe the all that matter. rate long-term heat success. bullish ERCOT XXXX generation we XXXX. equivalent on XXXX XXXX is the especially sheet coupled value an compared of hedging hedged basis remain significant as rates it a chart This in diverse and we
will turn rates XXXX, XxXX depicting a forward for to historical Summer see and ERCOT you If heat graph XXXX. Slide North Hub XXXX XX, you
chart the even forward and are forward XXXX XXXX moved Summer that decline though projected to up margins than still but are As trailing significantly, have depicts, during XXXX reserve lower period. curves curves
tight as applicable see response the curves we tend anticipated gets However, in summer closer in forward conditions. move time, up supply-demand to to
investment strategics timeframe. XXXX the generally This backwardation in is thermal as steep rationally. players moved XXXX curve Vistra. deter financial continue June ERCOT to along For forward volatility as ERCOT summer curves the in to dynamic act example, considerably to in April the and should forwards up The in summer of new favorable
in least a months is XX months create XX Vistra allows and curve volatility EBITDA to near-term the out tightness at reflecting in the profile. to hedge market However, stable near-term the
hedge remaining market that at expect in even and XX tight increasingly Given XXXX ERCOT to ERCOT. months we closer that fact the gas from curves XX is in load will continue with to prompt We providing length as to we to grow combined opportunity combined X% summer, open an that a construct experience to believe XXXX Vistra to the out forecasted it to approximately get years. new improve asset, per its the will anywhere year cycle further conditions continue forward with months similarly takes in
I in are to generally markets for we think tight pipelines, while and all where responsibly. operate important including that at retailers are Summer ERCOT participants work other reliably good and could it It is reliability together and good risk. entering a railroads, was period note Vistra, XXXX to PDUs start. a gas be on incumbent very is generators,
own the to during at with our mentioned and calls generation reasonable continue review likely have under ERCOT investment earnings uneconomic uneconomic merchant is without any prices. thermal economic, supply I where is remains volatile in As in resulting investment of analysis as balance Texas even be the changes that approaching demand market suggest previous be risk PUC. the the will We not may solar believe but it ERCOT as point highly are
to today now lever to am capture from new adjusted of million up value excited and ongoing reflects I targets our expected increasing $XX bringing exercise realize expect to $XX $XX value from the enhanced that million, announce to are EBITDA merger $XX this value reflects increase, we enhanced by on traditional million identified merger merger operations targets Of adjusted value total million. to our performance benefits our synergies initiative. million EBITDA our lever $XXX we our from Moving
$XXX free tax forecasted cash in $XXX of our debt from annual flow value end work sheet see be given at we benefits our $XXX can XX, optimization balance run our continued we through on of Last, you May. the activities, million cost we will our of we levers reduce year approximately approximately EBITDA XXXX. to Slide after the to overall full million anticipated As increased rate expect by million have
mentioned synergies only have million certain target we OP I believe announce OP when we could still upside we the be to value are and today. capture highly As we $XXX previously, and announcing of additional there are
take However, well into us out. XXXX it to will this prove
tuned stuff. updates please for this So on the further stay
call turn over to quarter I on Before some highlights. Bill, comment like the Vistra’s would I third of to business
retail team ERCOT a mention up to I year-to-date on growth. organic our as retail execution of that counts customer pleased residential focus am X.X% in result continues solely Vistra are and Importantly, to
invest provider should brand differentiated brand our plan in compared to XXXX grow Xx the strong our strategy synergies of the organic position portfolio We scalable investment largest our that retail in and for view of be through investment to million as on retail organically focus to base have markets able outside provide solid a will growth platform Our $XX in much we to single net capabilities range our the support our We electric on growth our and our and in paying products EBITDA acquisition. underlie for available EBITDA, of we ERCOT. and competed cumulative attractive Xx customer retail And initiatives. in residential approximately in retail estimate as been Ohio retail to ERCOT. to choose Xx Illinois in other more organic portfolios operations a retail approximately
we We effort forward the of with PJM to In to organic growth and effective a in operating. result future. more markets addition you our plan and in enter business strategy comfortable are build the and sharing look us the allows to growth being kind choose we we retail launch cost organic that of to strategy
The the hoped, to to aware cash standards. rule balance, and the it as to us actions modifications we And Pollution in are XXXX. final by to expect megawatt Control take the free believe than recommended two Illinois mid for MPS battery position be California the by you storage multi-pollutant GAAP. the proposed fair operations. project as the aware we On XXX Vistra’s probably November track get to modifications discuss that on from projects project Public recommended fleet-wide, XXXX. is should an the Commission take remain positive had flexibility amendments mass-based Board October while agenda for MISO commercial are was you sure Landing we under a two regarding Next, to tonnage originally proposed a Moss a approval XX. Illinois business as need our state’s EPA’s modifications our I Illinois X, the last, flow delayed on well the many am to should Utility build approval and amendment we battery others to bit CPUC in one EBITDA give more time We fleet that are on of of
COD results leading and the accretive more of turn shareholder projects now remain our growth to detail. generation profile return and like combination value As our XX call on over storage fourth the to to project to integrated attractive are EBITDA these strong a low in invest a the generation what therefore results in risk lowest low substantial approval. projects Moss should a combined anticipated portfolio cautiously commitment the is flow are bring future to remain examples conversion procedural modern, Vistra’s our support December is adopt will continuing quarter are guidance be are shareholders how of of battery approved, and dividends of We proposition ample and capital repurchases Upton Vistra track optimistic storage significant under to to approved. fashion we our docket I disciplined to and the returns X through from in excited cash the in XXXX. one continue to its Bill of We The if our and linked And exceeding projects fleet, of industry in for at Landing in would matter, to they to long-term more discuss achieving our free business the to value. for and the continue XX%. relatively we to XXXX. the model, about project This COD forecast maintenance battery investors. in is internal leverage project with Holden Vistra’s share a These diversify investment threshold. cost be new firepower technologies financial company megawatt than
