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Vistra Energy, Parent Of TXU, Announces, "Support For Market-Based Carbon Reduction Regime"
October 29,2019 Vistra Energy, the parent of TXU Energy and various other retail energy brands, said that, in announcing its own carbon reduction targets, that, "achieving the 80 percent reduction in CO2 equivalent emissions and, in particular, net-zero carbon emissions by 2050 will require a combination of advancements in technology, including carbon capture solutions, as well as the alignment of public policy with clean carbon goals and the adaptation of power grids and power markets to ensure reliability in a low to net-zero carbon emissions context." "In this regard, Vistra believes a national or regional, economy-wide carbon fee is the ideal public policy solution to appropriately incentivize investments in carbon-free and carbon-reducing technologies. A nationwide or regional carbon fee that is market-based and consistently applied would allow companies to make strategic choices based on a uniform set of rules and, importantly, would eliminate the need for resource- and technology-specific subsidies. For example, Vistra supports Pennsylvania joining the Regional Greenhouse Gas Initiative to incentivize investments to reduce CO2 emissions rather than subsidies in support of specific resources and technologies. Vistra also supports a dividend to return all or a significant portion of the proceeds collected to those impacted by the fee as a part of any carbon fee program," Vistra said "Vistra acknowledges our business has an environmental footprint and we must be part of the solution to combat climate change while balancing the evolution of our generation fleet with our ability to provide cost-effective and reliable power to our customers. We have already taken substantial steps to reduce our CO2 footprint via plant retirements and through billions of dollars of investments in renewables, batteries, emissions control equipment, and other energy-efficient technologies. Our company, shareholders, communities, and customers are in a position to benefit from our evolving generation fleet and new technology investments," said Curt Morgan, Vistra's president and chief executive officer. "The necessary, broad-based steps to approach climate change must be balanced with the other critical societal issues such as poverty and unemployment. The U.S. has a successful history of adapting to change with market-based solutions and doing so without disruption to our economic system and associated prosperity. Climate change should be no different and as a practical matter will require both adaptation and mitigation activities to address the issue in an effective, orderly, and systematic manner. With the right public policies and regulatory oversight in place, combined with a market-based, competitive economic model, Vistra believes the country can effectively progress its efforts to combat climate change. Similarly, with this supportive backdrop, we believe our company can achieve its long-term emissions reduction targets while continuing to provide reliable and affordable power to our customers and meet all of our stakeholders' expectations." Among future actions to be undertaken by Vistra to reduce its carbon emissions are: • 2019: Expected retirement of ~2 GW of coal generation in downstate Illinois to satisfy the requirements of Illinois' revised Multi-Pollutant Standard rule • December 2020: Expected online date for Vistra's 300-MW/1,200-MWh Moss Landing battery storage project located in Moss Landing, California • December 2022: Expected retirement of a 585 MW coal plant in downstate Illinois • Future: Expected development of a 20-MW/80-MWh battery storage project located in Oakland, California Vistra set the following goals: • 2030: Goal to achieve a greater than 50 percent reduction in CO2 equivalent emissions by 2030 as compared to a 2010 baseline • 2050: Long-term objective to achieve a greater than 80 percent reduction in CO2 equivalent emissions by 2050 as compared to a 2010 baseline, with aspirations of reaching net-zero carbon emissions in the same timeframe assuming necessary advancements in technology and supportive market constructs and public policy
"In order to achieve its CO2 equivalent emissions reduction targets, Vistra expects its generation fleet will continue to evolve as older, more expensive technologies are replaced with investments in low- to no-carbon emissions technologies. Vistra also expects efficient natural gas fueled technologies will continue to play a key role in power generation through 2030 and beyond as the supply base transitions to a higher percentage of more intermittent renewable technologies. In fact, Vistra and other prominent industry experts believe efficient natural gas units will be critical to supplying the electricity needs of consumers as renewable penetration grows, especially through 2030, but also beyond. As a result, with its significant natural gas generation fleet and leading electric and natural gas retail business, Vistra believes it is well positioned for the climate change transition. Moreover, Vistra expects it will find attractive opportunities to participate in the transition by deploying a portion of its projected strong cash flows into new technologies, similar to the solar and battery investments it has recently made at its sites in Upton County, Texas and Moss Landing, California. Any such future investments should enable Vistra to maintain its strong financial position as the power generation space continues to evolve," the company said
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