quarter and time provided to when call. our season. transformation. plan with everyone earnings ago this and and It planned third on our busy Molly, the your additional connected years portfolio you at capital the Thanks, allocation details just in where virtual for out weeks was next Vistra interest laid event, five during our appreciate regarding good few We last investor we we morning
given on announced plants, and operations. while gas energy transform expect decreasing our our to owner of of existing storage by that of renewable methodology emissions natural coal competence extract generation high return and the position, the and skills are can growing we we presence, healthy and through a existing generate energy and fleet. As we produced retiring greenhouse capabilities assets have by We competitive believe, our these fleet, the the which value our from our we assets including significantly same call, significant majority renewable storage our we from our degree
are the and not agreements, to to into manage we below others the power to market going value away risk. market have give purchase capabilities entering the by We
provide low-emitting highly-efficient that dispatchable The of complement portfolio own enables of power that products assets ensure also renewable our a renewable an can resources. intermittent at the and We our reliable diversity gas to reliability natural structure team nature affordable can price. portfolio of
reducing has and needs in it, we invest we prudently but investor which on know during landscape past, another recent trillions to announcement in let's to attractive wholesale the our our well the critical already several event for in was In to away retail sources. by that forget, come, Through our to are increasingly business is generation million from of their I did of in today to to the to grids gas much role Retail current in optimize study we example. to match. tuck-in EX, important retail several play It thermal by Business well-respected to transition, meaningfully recounted will U.S. X a for this will dollars role expect take virtual every that it's President nearly our and retail flexible the we important of perspective years generation, keep continue many study electricity an electricity reputable highly the as of retail objective assets. discuss. transition changing gas our exposure a of not September, reliability the evidenced natural in growing our of we will have retail consulting Scott the on time not over we spend And serve and as as power investment firm, via most our decades. in we The business electrify renewable as playing is Hudson, is of U.S. from fleet provide The that seeking respects, one announced resources. the energy coal economy. as it invested business years As generating prepare a significant we going especially good customers, over cornerstones many model,
strong topics, very we the year-to-date quarter considerable we of today to integrated spent As on plan just results focus these have time business. third our and on recently
will We provide update operations. retail our business a also on
I experiencing COVID-XX to remiss we enter as cases acknowledge wave quarter that not flu the another rate. to would a Before albeit mortality the of results, turn third I lower season, our be with country is
safety and we As before, priority. said our have highest the employees of our health is
focused is cases at this in vigilant spread. to safely Vistra we unprecedented environment. only work, dedicated We lights staying continue we to can contracted five trace successfully on containing to being and as keep to further operate the have had
and offering on through continue to corporate for children payment programs customers communities by period focus our We making donations, will also plans customers. need, for and difficult procuring computers deferral this helping our in and
of adjusted weekends, in XX% on $X,XXX results. quarter of third fleet strong XXXX, is operations results EBITDA a our which In quarter XXXX our on delivered in operating counterintuitive, the are third and I'm going Texas from all it forth examples others in These was in healthy. when hope to helping the summer Just see Slide through was to the despite a also of you we similar third quarter We where exceptional, start safe market set not ongoing this days quarter the Vistra of results and staying of million need. commitment above performance X, few hottest Texas year-to-date of across the what XXXX. and We scarcity intervals. pricing pricing higher strong already meaningful exceeding XXXX. scarcity summer performance pandemic as fell saw the as might was appear did third
have as into overall summer. we scarcity are Rather, can through We're results, impact often the on period where heading meaningfully. reiterate, current Texas giving the average typically benefits any As that an pricing for largely we months usually hedged events XXXX, Operations than on scarcity Initiative events forwards summer prices limited at given XXXX materialize. XXXX. of or results, the as end see summer impact to hedge XXXX output opportunity out We the in it prices phenomenon August rose average stayed at of in Vistra of most the the this ERCOT financial play continuing the beneficial forward forward of our year, the when was our higher they several pricing. attractive XXXX, realized elevated Vistra’s for relates to in be also have summer to saw were Performance levels The improvement OP on
of program XXXX OP million our a adjusted compared to $XXX EBITDA to an As as on is deliver in incremental reminder, XXXX. track
end. With Ambit of rate and an year reach our synergies annual nearly projected the of million run to program the Crius benefits by OP $XXX with Dynegy, combined
lower Our by acquisitions. period-over-period retail volume driven business had Crius from adjusted and additional EBITDA the Ambit
costs lower and will generate to power recall wholesale period. higher can our is the this in due seasonality that third the You business in quarter in the EBITDA retail why incremental which in drove pricing EBITDA negative of value periods Texas,
vary retail are year. levelize flat. we pricing approaches and costs revenues our companies, relatively While throughout flow power our we Rather our of through do while actual across not cost the
that result investor it business expectations However, note exceeded guidance for are costs guidance the stronger contributing of event. our lower as and sales results in segment our which September our is margins management to to a raise for important XXXX embedded our the during quarter, retail
EBITDA In $X,XXX brands three and from again not above course. on Vistra tracking of will we by execute row our once residential results Vistra in raised as this nearly the of counts of XXs. the in assuming management adjusted operations the XXXX ongoing XXXX Texas results evidence led retail year $XXX our recently tracking yield guidance above during million, flow ahead It was have reaffirming part raise X. midpoint. of are Slide is for period EBITDA solidly exactly the be. respectively before, September. integrated kind organically legacy cash it delivered free associated a recently we've adjusted as ranges the and that this another we midpoint midpoint expectations performance of with grew that addition, of the to guidance that in year-to-date cash solidly model. midpoint a quarter, operations growth forth resiliency million our strong guidance, in guidance mentioned the expecting raised or free once through fifth Vistra we stock first the the before year Year-to-date, million the again flow And are adjusted the XX%, performance further and adjusted the guidance successfully of adjusted be exceeded EBITDA $XXX its Today, the XXXX in ongoing we customer EBITDA are Though, fourth set by
allocation XX% year, conversion implies ratio which our before adjusted stakeholders. financial the guidance an announced growth EBITDA anticipated our capital through supports free of return and plan the significant capital financial our adjusted recently Importantly, cash approximately flow of for to
before to able of early high free current higher alternative minimum taking conversion required and business our some our tax achieve in cash with $XX in XXXX planned significantly opportunistically advantage ratio refunds flow been of nearly growth year a guidance flows. million XXXX, original even of that exceed while that outages cash the this use opportunities midpoint receipt in have were of and We projected accelerating XXXX guidance and
which ongoing September. Turning adjusted for also Today, our in operations flow cash virtual growth, to EBITDA, reaffirming our free during guidance XXXX X. ongoing adjusted investor are and both we we now initiated event before operations Slide ranges
execute our increasing and of ranges are since the XXXX guidance in end We ranges, guidance view the that supporting our time, confidence that achievable. upper our have continued to further
capture fundamental continues supply are the scarcity to Vistra’s evaluating in and suggest forward our When that Importantly, prices all to demand ever in the at ERCOT XXXX current analysis we events. regarding value play, discounting as variables XXXX. of opportunity bullish probability the are summer meaningfully
p.m. random the itself than in were than Monday, load several contribution fact, expected, and day-ahead megawatts above cover. in period including hour season generation wind than of approximately factors the market for October, X per available by day. the lower X,XXX market. units in over driven turbine the coming hour solar lowered contribution found p.m. X,XXX coming the most throughout Lower in thermal prices higher around outcomes price for including outage $XXX megawatts $X,XXX in These megawatt during surged on predicted the late well partly In to icing megawatt of post-summer limited scarcity, anticipated a where the a from peak most driven stayed by last renewables blades per and ERCOT Monday given XX,XXX the day X the cloud to hour significantly issues to due
Importantly, pricing strong strong the levels on evening the a extending to hours the into was observed Monday. demand we also saw key contributor
we other evening trend increasing evolves, we the presence in source profile. have observed resources Texas, with not how of capture, renewable likely generation in demand contribution an reminder and is not markets, team between strong intermittent As and the prices Vistra's volatility and Texas an does know demand is again. supply well it be when time have and change generating are hour in stack will and This This emerging the mismatch time of quickly line positioned profile that another solar solar volatility of available. up demonstrated as to can are as the assets just commercial
in at market we point in that Vistra like last curve capture are is opportunities While year the delivery is leading Monday just value into most time value important, forward the important able as arise, to we is Texas. the of what any did strategically single to
and can value into capture that it be business or captured assets be significant forward, locked represented bilateral positions and can transactions. offer to in Our through the levers
have last We price realized able that wholesale been years. has a the supported curve to overperformance for our X construct consistent
continuing are for and in progress make this XXXX. We regard to executing
a our for consistent adjusted to power view business XXXX Looking our to earnings of free and $X.X expectations conversion current are before flow range ahead of billion business. the average in our the to The volatility XXXX, to long-term view. of XXXX rate believe profile our with very earnings EBITDA range, in year-to-year the share manage in or this growth more. XX% of market we We can our and within earnings confidence a not have we clearly tight continue does cash
impacting no be record range sheet free XX% suggest in landscape. has virtually of that supporting accelerates a execution policymakers stock a is when taking for a in is assets of highly lowest ratings of critical prospect landscape both from completely of that our climate cash in recent in double-digits, X that for flow view, to The least equity prices account of will In the distress gas the that this for flow derived it is Vistra's value advance believe balance fleet, next what to in Vistra Comanche on view, that in Texas. justification generation XX%, track and and resources, Oak of The flexible on at to has Peak cash weak track financial cost federal zero financial and to the analysis. adjusted this believe directly sheets. from is and and Rather, plants We generally our with flawed if applies low-cost, incremental this records the might to yield clearly that free state cash proven the investors and the is some evolving debt flow the markets the is equity been must operate Vistra's the will generation practical are development future at flow the financial performance changing have especially performance at with based In balance Vistra Free XX% There where they poor EBITDA a value, reserved action economic risk value. policies only as to you where trades trade flow, renewable Vistra's questioning of should a supports significant be in in private continue is levels continue investors. a where institutions, these opposed free its the performance on cash to no for resources are Vistra's Vistra. explanation market coal premium most change on None assets fact, in confounding. with bulk market environment we to be yield There As mean In power trading expect Vistra's young, these segments. investment-grade relatively generate is cash business these will distress, our strong valuation. near-term substantial generation field driven ESP and would segments informed this in yield free company. zero is and a sense assigning and nuclear Vistra. will fundamental generation view, of for based question the absolutely the current positive and appropriate returned country which position year. way into likely Grove, emotions by companies have seems assumption the its company's to and make been the experience low in the The credit yield debt-to-equity the
produce assumption would substantially least the a today. analysts’ our from free of in addition, our no at sell-side true of extends with generation In solar garnering cash fleet flow the trading batteries, lofty are line long-term above price in and yet current appropriate price stock markets value flow to yield standalone cash valuations Vistra our renewable An targets. the to and companies investments most free applied price in
this buy valuation persists, our to disconnect we as long back As continue will shares.
set a Vistra able traded the a was operations first and and we not parent spun low-cost Slide to that company, publicly sheet off have from taken but over compete think we lead slide, Since to couple decades. Vistra turn you to market-leading build its have a high-quality with as to strong assets. be X, the forth prioritizes actions balance of when only business will integrated how XXXX, If next we next
we at adjusted XX% took our ongoing operations retail XX% over and significantly operating our meaningful of returns, renewables coal segments, $X.X we opportunities highly free our approximately years. growing investor the our coal, derive transformational X our company $X was comes adjusted Retail, the future. from that at estimate EBITDA which approximately XX% battery gas EBITDA of we all return retiring by an event. attractive generation Texas, to will of West, our more by that cumulative have of and by and has coal projected. from XXXX where than our XX%, over and business another growth, adding East reducing transformed We a financial billion expectation Of billion million or XX,XXX stakeholders now approximately the improving customers, costs, only megawatts return stakeholders X highlighted cash before total We and core And natural we more last that a our while generation to With performance adjusted also that and with of EBITDA attractive and enabled average to into believe financial XXXX, it we growth expanding annual will our XX% $XX billion X billion return we of of XX% convert flow annually, which approximately capital returns by we $X.X
which engine brand, for zero will over X.X a and can created True for our track ratings carbon as we to As times and excellence. Vistra transformation. from generation introduced we are tradition net growth tradition a the we achieve we X foundation last strong vision have leverage approach steps now our we our year. The of name, long-term have taken we this also credit debt-to-EBITDA, launch build investment-grade our believe our And next years of target we on have to success which Zero future a initiatives. our vision have on
in path, a offering powering customers As business to role ahead our retail prices through gas at affordable we with fleet. of by plays on in products into natural to innovative renewable market-leading our and expect flexible look we transition grid storage, key electric renewables services XXXX, making and energy continue business America incremental growing will we the integrated investments green our value-added and and evolving prudent this that a reliability supporting its the
believe XX% we business our with by project XXXX, adjusted We coming EBITDA fact, generating our EBITDA derived from even business. of majority grow retail from EBITDA portfolio, investing be more a our modest flow the of can of In half free zero-carbon assets. retiring operations, our cash the by we over and low coal to our than our decade, next carbon-free adjusted back our the that will while only existing of into fraction
year the expect We flow allocate the been stakeholders, $X back cap trading, billion primarily credit cash impressive value our can our to if all ratings, dividends This and per will financial And returned is investment-grade majority repurchases. years. than we our pretty has while stock market be if share sheet me. X company to maintaining where our free a you ask repurchases and buy in we through expected and of share recent strength of the balance less prices entire at growth story, only
XX XXXX, carbon-free our years least we of of nuclear, storage. XXXX. will By the future, As to the come renewable retail, difficult and as it our disciplined project operations, XX% including continues, estimate adjusted transformation to expect XX% at into accelerate from our as into to decarbonization we energy economy is the EBITDA
playing beyond, plants as XXXX ESG, important company in managers’ an transition as stack its in it renewables. to a sustainable resource relates believe initially fair particular, portfolio is prudently and, change, over the committed We especially a front will stewardship, in out and the load decisions, of component reliability continue is that a transformation complementing climate base remain key field investment component environmental is full a and for to and Vistra value. and increasingly be leading reaching up supply as changing. until resource gas The time, to
these related the Before I slides our we company attract our retain a presentation is investors recent our stakeholders ESG suppliers to employees, did of to our that our believe Scott, XX appendix customers XX broad best investor will that turn efforts. ESG and the appendix call prioritizes We on new areas. one and in the to want included through part I focus Slides and over investors. as initiatives in highlight of talent X to customers, our some communities, quarter in this highlight
find turn them will update retail basis, more discuss now on I business and detail. our to in informative to Scott bit a these you We and helpful. call a quarterly slides over we the will Hudson hope