the morning, Molly, to everyone Thank good and call. on you,
appreciate your in As always, Energy. Vistra we interest
first above Notably nearly adjusted see can Vistra Vistra management's of savings and the quarter. of favorable realization XXXX on when million. $XXX expectations of results for to ongoing realized line cost of XXXX merged levers of $XXX $XXX quarter we a for the entities, margins, synergy reporting finished annual pro from you quarter consistent Dynergy forma its the the and million operations quarter merger Slide and Results compared the consensus year, primarily finished EBITDA in are estimated as As with first with X, of announced. higher OP million last the ahead have in retail wholesale EBITDA XXXX, prices value we result and
also and in conversion cash remain continue expired will smaller which from special Justice of We meeting value we earnings advancing held percentage track Department free operational point, and Review equally to and on able second March levers has additional merger on Crius cash unitholders important flow quarter. the EBITDA. million the the at generation from overwhelmingly voted On this $XXX Vistra's to Crius the diversity, to free in our approve expect bolstering capture flow to Energy but of close we be a the the acquisition acquisition At the after-tax are XX. scale their
we expect from any We Energy coming receive could Regulatory time weeks. we still Commission awaiting approval the Federal which in are the at
platform. will we into business FERC five forward integrating the quickly look the close expect We existing And Crius approval. acquisition days we of our receiving to integrated within portfolio
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adjusted XXXX flow. free adjusted billion $X.XX ranges are in operations ongoing Turning billion cash billion to to $X.X of Slide billion guidance X, reaffirming in now and $X.XX $X.X our to EBITDA, we
full-year expect for Summer. important we be ERCOT in the quarter will Our strong the start year to solid results the performance was up what expectations in that financial line management move for resulted as with we into setting
this at are are not results to performance. to our quarter a we quarter important came keep first in meaningfully few in as relates While financial above Vistra's mind guidance our it There consensus, time. first full-year points resetting
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business our diversified in when of conditions our combined business profile will especially in long-term the we'll fleet pre-merger that will for still by to and able were EBITDA half a merger, expectations the marked as principally that EBITDA earnings. capacity be a relatively ERCOT, to integrated enhanced profiles we we achieve revenues and retail be forecasts. is XXXX, generation will execution in ranges management as and our consistent XXXX, anticipate our Prior to these believe investors from or be attract Vistra, result achievement. recall, able the adjusted of as in future to We forward-curve, model lever is consistent We earnings earnings to to in Creating in XXXX we our money EBITDA We anticipated result the which improvements with PJM. forecast results generate hedging lower critical importance improvement derived XXXX you market stock. now continue flat Beyond a stable wholesale XXXX merger and Dynegy's due of commercial in cash of will reflected gap expect to high our the revenues roughly to declining capacity relatively strategies value to of Dynegy's new EBITDA flow team. as continue expect close
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had of billion program $X.XXX aggregate our total $X.XX April XX, billion share we executed of of repurchase a As authorization.
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flow So certainly a towards to what discount long believe is stock price is value, meaningful to the as expect repurchases, is free trading we we fair our yield stock our at right moving direction. capital allocate in and although high continue current share we cash the will
The to basis. first quarterly an dividend per of or $X.XXX per shareholders our quarterly XX. $X.XX share paid on of dividend year we annualized March addition, of this was XX share record as In March on
support per the annually share the X growth will net we track investments going at grow not on and we project, can to through X% X% such battery achieve the but acquisition, the leverage last, solar believe to approximately we debt to expect this and long-term Upton dividend and year-end battery Crius forward We storage remain X.X the by disciplined as certainly Landing times Moss XXXX. least, development target EBITDA in opportunity. of And our range storage
tenet Vistra's credit to our strength manage the ultimately business continue operating improve model before, is business a profile stock which to As balance believe and cash our plan of flows we to price. you've and opportunity our accordingly core heard our sheet and strengthens with we
two our We top shareholders investors able new to the XXXX, Oaktree into first with new are we performance investors. our have have price. plan because seeing In Apollo months this view and possible believe largest pressure long-term our has from been our stability our strong attract allocation successfully withstand four of diverse been our the to attract that five will continued of selling valuation we in materialize stock stock. in relatively We only capital
our expectations operational goals. will meaningfully As rotation to course, be of expect we value on shareholder financial to equity which has meet our helped XXXX unlock as we Vistra's runs and and execute its complete the true continue investor
on the the is I XXXX high at hence that backwardated the and as While stock curve behind our XXXX. for dislocated our I'm our remains know It yield of market. we price attractive. The forward the expectations view very free been in making Slide inordinately is is forward forefront is progress, observing curves it sector we're discussion fundamentals in relates flow to as in backwardation X. logic in Summer particular view market beginning cash our in were from well our the ERCOT topic has now that the
with X% margins retirements than you reaching reserve annual recommends X low Gibbons of growth years. several chart and by based product As can XXXX. are ERCOT, margin the are thermal or very reserve low in which next combined These targeted demand the ERCOT to online capacity through coming ERCOT announced relatively low is half generation over for Oklaunion new Slide remain XXXX reports reserve are that of the and the projected anticipated see Creek in load less a the adjusted on CDR, on levels margins forecast reserve
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balance be for we to that future. demand will supply As and a foreseeable continue the result, expect the favorable
the and of a generation that reaction it will is important Despite overbuilt much in calibration against is physical critical is pricing. the where will XX,XXX swings and the generation these or summer addition, in extent which backwardated who nature will of remains with setting small power and uncertainty there have of insurance power. as congestion new the economics. calibration the price settle purchase as important to relatively is net demand megawatt West, driving our risk activity as short dynamics, plus ERCOT a position note depressed of XXXX agreements profile to long and retail thermal we generation period. feature a market. be and in XXXX resulting of district forecast implied used the is advantage supply renewables. This to our link the many megawatts in into Furthermore participants Ironically, to at liquidity ERCOT just adversely an must should as ERCOT tight likely less build physical in impacting XX,XXX example with prices. insurance there market further we likely currently In market megawatts and thermal for physical build of to the And discounted of manage new This keep at in of of the renewables the not nearly risk The the carrying act protect level Notably, likely volatile beyond of transaction that the demand than caps fundamentals; market summer and with the ERCOT the and prompt prices is getting that clock it the market representative coming located hold generator forward that ERCOT least some should is sidelines to lower assets. and fleet. unplanned volatile new which North in price pricing and XXXX X,XXX are without in solar clearly will we XX% materially a market the curves exposure minimizing retailers unhedged $X,XXX Hub as to keep long-term build some lower outage out their increments, supply months, around is in an length closer the currently given In curve from lack lower on backwardation to years. a be hour result megawatt in prolonged is a reducing and wind get in quicker backwardated it our summer out be ultimately over closer against long-dated load forward of likelihood be are portion
X. to spend minutes I and like to regulatory would updates latest Turning now in legislative a PJM. discussing Slide few the MISO and
Michael Hastings the Coal in Act. Energy you Storage Assembly by State As of introduced State Representative legislation are Illinois Solar Vistra's Arroyo and supporting many the Illinois of aware, Senator General and to Luis
would are I support This years in the contrast not and form Before would which participants. to into our legislation out construct market I get MISO we a is be discussing improved dysfunctional activity unwarranted for like to has this PJM in where and both attempts PJM nuclear that the much ineffective functioning reaction emphasize our market not completely is subsidies. England and relatively particularly to the for very well markets after by assets of were ISO New not the If similar of if MISO, not of legislation. details, market
downstate capacity. the utility while solar passed the form in coal providing on path if Moving downstate existing energy plant details, platforms also legislation sites responsibly storage into current to coal redevelop its a retire would to scale and
multi-pollutant is while Board downstate address on to one the believe Commission the the manage pending emissions the amendment legislation The legislative emissions. would the without analysis various MISO the interested its advances. Vistra in as overall Illinois, its grid we bill reliability flexibility broader the negatively within provide the total Administrative achieve Greenhouse XXXX file retirements Vistra to and components mass-based believe first by capacity operate amendment to the believe of difficult MISO their prior put impacting to customers deadline proposed quarter has have having it in approved of lower amendments occur suspect nameplate ultimately fleet analysis impact the quarter late of adequately communities, required believe package. then XXXX. These its to Zone all a week components bills. While which overall transition of of Summer with and We the standard legislation gigawatts and necessary it's X supporting believe targets, amendment MISO's plants look we retire draft, before most Control incentivize solar investment to reliability, some is approved to gas of in outcome reductions MISO parties at while forward cap. reform in and as XX the do total well the monthly in which generation that a we not conclude goals in included fleet Vistra to energy manner economic a the if or to least the will Rules. legislation in could long-term process reliability. X The remain both with and help all MISO, the any could would If be tonnage portfolio to do as Illinois for XX Board supportive approved ultimate coal minimal the the designed fourth is Pollution Joint that in it Also We is reasonable we as as local reliability days. weeks opportunity Illinois to always a be that of XX of allow we downstate plants to perform to could be reducing emissions coal the the predict of the would state timeframe, of early will on
MISO Our in assets a free preliminary profile existing as accretive the our million $XX and market these million cash Vistra's are be year to retirements environment. some flow analysis of that to could approximately long-term EBITDA negative EBITDA suggests $XXX current
as you MPS the fleet We amendment administrative potential progresses posted through the approval will keep on rationalization the process.
one set embedded We and to price minimum by The it change could around the the no related the clock estimate approved FERC this relatively in PJM, have fast-start allow can benefit runtime April, that commitment reform one the wholesale an by approximately low the pricing. believe of hour than order a curve. price. also The heat requested megawatt in in in start order greater prices would reflected Vistra the would conservative the discern hour formation to forward marginal units to for quarter more than a As this already difficult allow within energy tariff much prices. be young Even order for improvement ultimately though step was FERC, locational so fourth modifications rate fleet. PJM. impact of from we a positive the was of $X.XX the is in be hour, to is prices as order generation pricing is Vistra's a forward PJM to benefit well-positioned fleet how operates tariff
in realize base coal locational We marginal triggered and should expect our in assets be when of online low we'll higher general the all data the cost. price CCGT is
market, in as will a these market we converge implemented XXXX, the opportunity do the we hedge would assets current real over in do have head price so targeted day While formation, to time to new we meaningful forwards changes most And the be year the this day of to The clear are time. in uplift. November expect we head to of results. into expect not change reflect
structure set all this reserve Now of the a pricing Similarly in generating service any FERC improvement to related to derive order. in allows the to for their reserve effectively positive which is of a FERC change reserves reforms the paid levels. under The for and front operating reserve is units as own providing an would PJM final reserve an currently a reforms market certain be Vistra order administrative demand allow reserves curve price in would overall. operating for are filing XXX outcome part pricing which
clock around hour. credential at preliminary megawatt than more PJM analysis very lift suggests these $X.XX market by per that Our prices reforms could the
receive any of has have indication are notified parties advance the of its out this delivery to approach we it XXXX with the As for we of from next of on do not PJM in auction of XXXX the the year, when suppressive address price status ball it as notably to foresee to the most and FERC pending the the supportive reforms, on PJM August subsidies. not intent might to effects we FERC allows it although and direction nuclear activity still relates topic. this capacity continue does market
mentioned we current of FERC FERC's of impact subsidies I outcome call neutral be reform proliferation capacity the existing the structure the given As from February, is to capacity that unjust are the the on Action quarter of worst to be process neutralize believe market the becoming view unreasonable fourth will state continue to at important in cost auction nuclear out even will these common due more with all subsidies. and of anti-competitive that place. impacts too to the
We officials can justify shown have that economic units continue perplexed nuclear to no of be subsidies how indication awarding state-elected to need.
nuclear threatening outcome a the in the believe balanced are this in is to these the in its Yet state-elected and there nuclear environment, or any supporting not it oversee competitive subsidies notion assets especially is played impact in objectionable actions serious economically that It is. challenged deliberations certainly on markets to market protecting We has that neutral market given of units. are front decisive perceived solution some nuclear FERC current the strong employees' the likely result positive against considered of charged that plants promoting the in FERC's are these highly are reforms more are our FERC. after While subsidies competitive and proposals those broadly. appropriately modestly and all by is owners practice assets capacity retirement will unjust minority. historically matter and market pricing optimistic view neutralizes past are remain will highly are a role are markets. utility of PJM it perfectly very holding a find economic continuing FERC hostage they that unreasonable markets of officials, regardless of cautiously of that commissions, We being the what on
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For an risk overblown. we of to action the potential several have generators believe reasons, other been such
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in of bridge the not to relatively ComEd Illinois you balance but take should able cover Illinois to Moreover entire any it residual these PJM that immaterial have which If unaffected. would the need ComEd be the also to would resulting assume is load result reserve margin of to being the hurdles, we only as however market impact the will still requirement zone believe relatively out if capacity and Illinois coal towards retirement take could despatchable both throughout ComEd of price fronts of gas the base successful to greater away we Illinois gas and the energy from when pursuing is replaced in plants can provide renewables for volatility advantage as intent rotate typically on in plants its coal believe ComEd present the intermittent assets energy with is load are renewables. upside that
we Given outcome revenue, our of ComEd good several profile. drive which largely table. is in changes about year our in less the have In as changes immaterial England of to improved have markets. in market these approximately New $XXX and per downside over but over year EBITDA million likely resulted seen at be the would per $XX PJM ISO range we PJM seat capacity big capacity relates to and where EBITDA market design summary, the the XX% feel overall have any a especially years very ERCOT million reasonable relatively it our or
expect that hard be but continue battle. always a We will fought it to
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