Vistra Corp. (VST) 2022 Q2 法說會逐字稿

Good day, and welcome to the Q2 2022 Vistra Earnings Conference Call. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加 Vistra 2022 年第二季（Q2 2022）財報電話會議。（接線員指示）在今天的簡報結束後，將有提問時間。（接線員指示）請注意，本活動將被錄音。

I would now like to turn the conference over to Meagan Horn, VP Investor Relations. Please go ahead.

現在我想將會議交給投資人關係副總裁 Meagan Horn。請開始。

Thank you, and good morning. Welcome to Vistra's investor webcast discussing second quarter 2022 results, which is being broadcast live from the Investor Relations section of our website at www.vistracorp.com. Also available on our website are copies of today's investor presentation, our Form 10-Q and the related press release.

謝謝，各位早安。歡迎收看 Vistra 投資人網路直播，我們將討論 2022 年第二季業績；本直播正透過我們網站 www.vistracorp.com 的「投資人關係」專區進行現場轉播。我們網站亦提供今日投資人簡報、10-Q 表格以及相關新聞稿的副本。

Joining me for today's call are Jim Burke, our President and Chief Executive Officer; and Kris Moldovan, our Executive Vice President and Chief Financial Officer. We have a few additional senior executives present to address questions during the second part of today's call as necessary.

今天與我一同參與電話會議的有：我們的總裁兼執行長 Jim Burke，以及執行副總裁兼財務長 Kris Moldovan。我們也有幾位資深主管出席，必要時將在今天電話會議的第二部分協助回答問題。

Before we begin our presentation, I encourage all listeners to review the safe harbor statements included on Slide 2 in the investor presentation on our website that explain the risks of forward-looking statements, the limitations of certain industry and market data included in the presentation, and the use of non-GAAP financial measures.

在開始簡報之前，我鼓勵所有聽眾先行閱讀我們網站投資人簡報第 2 頁的「安全港聲明」，其中說明前瞻性陳述的風險、簡報中所含特定產業與市場資料的限制，以及非 GAAP 財務衡量指標的使用。

Today's discussion will contain forward-looking statements, which are based on assumptions we believe to be reasonable only as of today's date. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected or implied. We assume no obligation to update our forward-looking statements.

今天的討論將包含前瞻性陳述，該等陳述係基於我們截至今日所認為合理的假設。此類前瞻性陳述受若干風險與不確定性影響，可能導致實際結果與所預測或暗示者存在重大差異。我們不承擔更新前瞻性陳述之義務。

Further, today's press release, slide presentation and discussions on this call will include certain non-GAAP financial measures. For such measures, reconciliations to the most directly comparable GAAP measures are provided in the press release and in the appendix to the investor presentation.

此外，今日的新聞稿、投影片簡報以及本次電話會議的討論將包含若干非 GAAP 財務衡量指標。就該等指標而言，與最直接可比的 GAAP 指標之調節表已載於新聞稿及投資人簡報附錄中。

I will now turn the call over to our new CEO, Jim Burke, to kick off our discussion.

現在我將把電話會議交給我們的新任執行長 Jim Burke，為今天的討論揭開序幕。

Thank you, Meagan, and good morning to everyone. I am excited and eager to talk with all of you as I take on this new role for Vistra. Over the past few months, I've been asked what I envision for Vistra's path forward.

謝謝你，Meagan，各位早安。我很興奮也很期待在接任 Vistra 這個新職務之際，能與各位交流。過去幾個月，很多人問我對 Vistra 未來發展路徑的願景是什麼。

Accordingly, turning to Slide 5, before I discuss our second quarter results, I would first like to reinforce a few of my thoughts on Vistra's strategic direction and top priorities. I continue to remain confident in our short-term and long-term value proposition precisely because we intend to remain focused on the 4 key strategic priorities we initially defined in the third quarter of 2021.

因此，請看第 5 頁，在我討論第二季業績之前，我想先重申我對 Vistra 策略方向與首要任務的幾點看法。我對我們短期與長期的價值主張仍然充滿信心，原因正是我們將持續聚焦於 2021 年第三季最初所界定的 4 項關鍵策略優先事項。

As we've shared in the past, Vistra is well positioned for the long term during this energy transition. In addition to ensuring that our customers and our communities have the power they need, our integrated approach enables us to deliver strong financial and operational performance, particularly in volatile commodity environments through the operational excellence and expertise of our generation, retail and commercial teams.

如同我們過去所分享的，Vistra 在這場能源轉型中具備長期良好定位。除了確保客戶與社區擁有所需電力之外，我們的整合式作法也使我們能夠交出強勁的財務與營運表現，尤其是在大宗商品高度波動的環境中，透過我們發電、零售與商業團隊的卓越營運與專業能力來達成。

As part of this integrated business, we are continuing to execute on the comprehensive hedging strategy that we announced last quarter, which is locking in significant future year earnings potential. This effort is supported by a high-performing generation team and a customer-focused retail team experienced in managing counts, margins and customer experience, and both teams are supported by a strong commercial team that captures market opportunities and manages risk in a dynamic marketplace.

作為此一整合式業務的一部分，我們持續執行上季宣布的全面避險策略，鎖定未來年度可觀的獲利潛力。此項工作由高績效的發電團隊與以客戶為中心的零售團隊所支撐；零售團隊在管理用戶數、利潤率與客戶體驗方面經驗豐富；兩個團隊並由強大的商業團隊支援，在動態市場中掌握市場機會並管理風險。

Second, it is fundamental to a business that manages through volatile commodity markets to have the financial flexibility to hedge both fuel procurement and power sales for our fleet and for customers. We remain committed to a strong balance sheet and an ample liquidity position.

第二，對於需要在波動的大宗商品市場中運作的企業而言，具備財務彈性以便為我們的機組與客戶同時進行燃料採購與電力銷售的避險，是一項根本要素。我們仍致力於維持強健的資產負債表與充裕的流動性部位。

As Kris will cover later, we anticipate paying down a significant amount of debt in the second half of this year as our 2022 hedges settle and the corresponding cash collateral is returned. At year-end, we expect our net leverage ratio to be approximately 3x based on the range of ongoing operations adjusted EBITDA we expect in 2023.

如 Kris 稍後將說明，隨著我們 2022 年避險部位在今年下半年結算並返還相應的現金擔保品，我們預期將償還相當可觀的債務。於年底，我們預期淨槓桿比率約為 3 倍，係以我們對 2023 年持續營運調整後 EBITDA 的預期區間為基礎。

Third, we are delivering on our capital allocation plan that prioritizes a significant return of capital to our shareholders through 2026. We remain committed to paying aggregate dividends of approximately $300 million per year with the per share amount increasing as we repurchase our shares. We continue to believe that share repurchases provide an efficient, attractive means to return capital to our shareholders. We are executing on our $2 billion share repurchase program on an accelerated basis, having completed approximately 80% to date and expect to complete the balance before year-end.

第三，我們正落實資本配置計畫，優先在 2026 年前向股東大幅回饋資本。我們仍承諾每年合計配發約 3 億美元股利，且隨著我們回購股份，每股股利金額將提高。我們持續認為，股票回購是向股東回饋資本的一種高效率且具吸引力的方式。我們正加速執行 20 億美元的股票回購計畫，目前已完成約 80%，並預期在年底前完成剩餘部分。

Accordingly, we're pleased to announce that our Board has authorized an incremental $1.25 billion for share repurchases effective immediately, which brings our cumulative authorization to $3.25 billion and the remaining amount available for repurchases to approximately $1.65 billion. We expect to complete the full authorization by the end of 2023.

因此，我們很高興宣布董事會已即刻核准額外 12.5 億美元的股票回購額度，使累計核准額度達到 32.5 億美元，而可供回購的剩餘額度約為 16.5 億美元。我們預期在 2023 年底前完成全部核准額度。

As we deliver on our earnings potential, we will revisit the size of the share repurchase program on a regular basis. Finally, we've made great progress on the build-out of our Vistra Zero platform, which we expect to grow primarily by utilizing cost-effective third-party capital. I'll speak to updates on Vistra Zero in more detail momentarily.

隨著我們實現獲利潛力，我們將定期重新檢視股票回購計畫的規模。最後，我們在 Vistra Zero 平台的建置方面已取得重大進展，並預期主要透過具成本效益的第三方資本來推動成長。我稍後將更詳細說明 Vistra Zero 的最新進展。

I am committed to the execution of our strategic priorities as I firmly believe that our successful execution of these priorities will enable Vistra to deliver sustainable long-term value for all of our stakeholders. Now turning to Slide 6 for our second quarter results.

我致力於落實我們的策略優先事項，因為我堅信成功執行這些優先事項，將使 Vistra 能為所有利害關係人創造可持續的長期價值。現在請看第 6 頁，說明我們第二季的業績。

We achieved $761 million of adjusted EBITDA from ongoing operations. Our Retail segment grew ERCOT residential customer counts in the quarter and year-over-year. In fact, our flagship TXU Energy brand had its best quarter residential counts performance in nearly 15 years while achieving our target margins in a dynamic market. This highlights our expertise as an integrated energy company to acquire and retain customers through volatile and high-priced commodity cycles.

我們的持續營運調整後 EBITDA 達 7.61 億美元。本季我們的零售事業在 ERCOT 的住宅客戶數於季內及年增均有所成長。事實上，我們的旗艦品牌 TXU Energy 在近 15 年來創下最佳的單季住宅用戶數表現，同時在動態市場中達成我們的目標利潤率。這凸顯了我們作為整合式能源公司的專業能力，能在大宗商品價格波動且處於高檔的循環中取得並留住客戶。

Our unique product offerings and multi-brand and channel strategy, combined with our commercial team's expertise in managing risk, drove this success. Our Generation segment similarly performed above expectations, achieving commercial availability of 95%, a strong performance, especially considering the unseasonably warmer weather experienced in Texas in the second quarter. The teams worked diligently to perform regular maintenance on an expedited basis and in some cases, truncated schedules to ensure the plants were available to the grid during the heatwaves experienced in the latter half of the second quarter.

我們獨特的產品組合，以及多品牌與多通路策略，再加上商業團隊在風險管理方面的專業，促成了這項成功。我們的發電事業同樣優於預期，商業可用率達 95%，表現強勁，尤其考量德州第二季經歷了反常偏暖的天氣。團隊努力不懈，以加速方式進行例行維護，並在部分情況下縮短排程，以確保在第二季後半段熱浪期間，電廠能夠對電網供電。

We are reaffirming today our previously announced guidance of adjusted EBITDA from ongoing operations of $2.81 billion to $3.31 billion and adjusted free cash flow before growth from ongoing operations of $2.07 billion to $2.57 billion. We don't typically update current year guidance until our third quarter earnings discussion, but favorable weather and strong performance in our Generation and Retail segments provide increased confidence that our 2022 outlook is tracking above the midpoint of guidance.

我們今日重申先前公布的指引：持續營運調整後 EBITDA 為 28.1 億至 33.1 億美元；持續營運、成長前調整後自由現金流為 20.7 億至 25.7 億美元。我們通常會在第三季財報討論時才更新當年度指引，但有利的天候以及發電與零售事業的強勁表現，使我們更有信心 2022 年展望正朝高於指引中位數的方向推進。

Of course, the remaining summer months are important across the country for us, so we are focused on proactively maintaining our fleet during times of lower demand to avoid unplanned outages as much as possible. We understand that execution is key to delivering the full value we believe possible in this environment.

當然，接下來的夏季月份對我們在全國各地的業務都很重要，因此我們專注於在需求較低的時段主動維護機組，盡可能避免非計畫性停機。我們明白，執行力是讓我們在此環境中實現我們所認為可達成之完整價值的關鍵。

Turning to Slide 7. As we discussed in the first quarter, we are currently experiencing a highly favorable pricing environment. We've used this opportunity to continue to execute on the comprehensive hedging strategy we previously discussed. As a result of our comprehensive hedging strategy, Vistra is now over 60% hedged across the years 2023 to 2025 with 2023 now hedged at approximately 80%.

請看第 7 頁。如同我們在第一季所討論的，我們目前正處於極為有利的價格環境。我們把握此機會，持續執行先前所談的全面避險策略。由於此一全面避險策略，Vistra 目前在 2023 至 2025 年期間的整體避險比例已超過 60%，其中 2023 年的避險比例現約為 80%。

Last quarter, we stated that given the marks as of April 29, we anticipated a risk-adjusted midpoint opportunity in the range of $3.5 billion to $3.7 billion for the years 2023 through 2025.

上季我們表示，依 4 月 29 日的估值水準，我們預期 2023 至 2025 年的風險調整後中位數機會約落在 35 億至 37 億美元區間。

Curves moved up considerably in May and early June before coming off in late June with the drop in natural gas prices. For 2023, when comparing where we were as of April 29 and rolling that forward to July 29, overall, the curves are in a similar place despite the volatility we've seen over the past 3 months.

曲線在 5 月與 6 月初大幅上升，之後在 6 月下旬隨著天然氣價格下跌而回落。就 2023 年而言，將我們 4 月 29 日的位置與推進至 7 月 29 日後相比，整體而言，儘管過去 3 個月波動劇烈，曲線仍大致處於相近水準。

However, for 2024 and 2025 since April 29, as the graphs indicate, both power and gas curves have continued moving up. As our hedge percentages have increased, our confidence in this earnings potential has grown. And more than that, we continue to believe this range could be on the conservative side. Of course, given that we are not fully hedged, there remains a significant range around this earnings potential, especially in '24 and '25.

然而，就 2024 年與 2025 年而言，自 4 月 29 日以來，如圖表所示，電力與天然氣曲線皆持續上移。隨著我們的避險比例提高，我們對此獲利潛力的信心也隨之增強。不僅如此，我們仍認為此區間可能偏保守。當然，鑑於我們尚未完全避險，該獲利潛力仍存在顯著的區間波動，尤其是在 2024 年與 2025 年。

Looking ahead, assuming the forward curves continue to hold or improve, you can expect us to continue to execute on this comprehensive hedging strategy to lock in more value while maintaining sufficient generation [length as] insurance against the unforeseen.

展望未來，假設遠期曲線持續維持或改善，您可預期我們將持續執行這項全面的避險策略，在維持足夠的發電[長度作為]因應不可預見情況之保險的同時，鎖定更多價值。

As discussed last quarter, our hedging strategy requires ample liquidity for collateral postings. We continue to proactively manage our liquidity requirements in a way that allows us to remain confident that we can execute this hedging strategy and the capital allocation plan in tandem. Kris will go into more detail on our liquidity management activities later in the call.

如同上季所討論，我們的避險策略需要充足的流動性以因應擔保品（collateral）繳存。我們持續以主動方式管理流動性需求，使我們能夠保持信心，同步執行此避險策略與資本配置計畫。Kris 稍後將在電話會議中更詳細說明我們的流動性管理活動。

Turning now to Slide 8. I wanted to provide a brief update on our Vistra Zero growth trajectory and how we are positioning Vistra to capitalize on this significant opportunity. This past quarter, we returned both phases of our Moss Landing energy storage facility to service with over 98% of its maximum capacity on the expected schedule and ahead of California's hot summer months. We successfully restored and addressed root cause concerns during this timeframe, and we anticipate the final few megawatts to be restored by the fall.

接著看第 8 頁投影片。我想簡要更新我們 Vistra Zero 的成長軌跡，以及我們如何定位 Vistra 以把握這項重大機會。上個季度，我們已按預期進度，並在加州炎熱夏季來臨前，將 Moss Landing 儲能設施的第一與第二期恢復併網運轉，且其可用容量達到最大容量的 98% 以上。我們在此期間成功完成修復並處理根本原因疑慮，並預期剩餘最後幾個兆瓦將於秋季前恢復。

In addition, we began construction on the 350-megawatt Phase III expansion of our Moss Landing facility, which we expect to be online by June 2023. In Illinois, we bid in a competitive process. And in May, were selected by the Illinois Power Agency to provide over 460,000 annual renewable energy credits, or RECs, over the course of 20 years. The contracted sale of these RECs will serve to provide stability to revenue streams of our coal to solar projects.

此外，我們已開始 Moss Landing 設施第三期 350 兆瓦擴建工程的施工，預期將於 2023 年 6 月上線。在伊利諾伊州，我們參與競標程序，並於 5 月獲伊利諾伊電力署（Illinois Power Agency）選定，在 20 年期間提供每年超過 460,000 份再生能源憑證（renewable energy credits，或 RECs）。這些 RECs 的合約銷售將有助於為我們「燃煤轉太陽能」專案的營收來源提供穩定性。

In June, we were also awarded energy storage grants at our Joppa, Havana and Edwards sites to be received over 10 years. We expect to bring our Illinois projects online in the 2024 timeframe ahead of the required dates for the awarded contracts.

6 月，我們也在 Joppa、Havana 與 Edwards 場址獲得為期 10 年的儲能補助。我們預期將在 2024 年左右讓伊利諾伊州專案上線，並早於獲授合約所要求的期限。

Finally, our development projects in Texas continued to make great progress as well. In April, we announced that our 50-megawatt solar facility Brightside was online. This was followed by announcements in May that our 260-megawatt energy storage facility at DeCordova was online. And in June, our 108-megawatt ERCOT solar facility, Emerald Grove, was online. We now have 608 megawatts for Vistra Zero online of solar and energy storage serving the ERCOT grid in addition, of course, to our Comanche Peak nuclear facility.

最後，我們在德州的開發專案也持續取得重大進展。4 月，我們宣布 50 兆瓦太陽能設施 Brightside 已上線。接著在 5 月，我們宣布位於 DeCordova 的 260 兆瓦儲能設施已上線。6 月，我們 108 兆瓦的 ERCOT 太陽能設施 Emerald Grove 也已上線。目前，除我們的 Comanche Peak 核能設施外，Vistra Zero 在 ERCOT 電網上線的太陽能與儲能合計已達 608 兆瓦。

Our teams did an excellent job of delivering these projects in Texas as well as returning Phases 1 and 2 of our Moss Landing facility to normal operation in California. Some of our early-stage projects that we are evaluating are facing potential impacts from supply chain constraints and inflation. We prudently reevaluate the business cases of these projects on a regular basis.

我們的團隊在德州交付這些專案，以及在加州將 Moss Landing 設施第一與第二期恢復正常運轉方面，都表現出色。我們正在評估的一些早期專案可能受到供應鏈限制與通膨的潛在影響。我們會定期審慎地重新評估這些專案的商業可行性。

For example, we have reassessed the timing of certain ERCOT solar projects, and we will move ahead with these projects only if we have confidence in the returns. Since we own these sites and we have the flexibility on timing, this is something we expect to remain dynamic. We are excited about the pipeline and the growth potential of achieving 7.3 gigawatts in Vistra Zero generation online by 2026, but we are also going to remain disciplined on the projects.

例如，我們已重新評估部分 ERCOT 太陽能專案的時程，只有在我們對報酬率有信心時才會推進。由於我們擁有這些場址且在時程上具備彈性，我們預期這將持續保持動態調整。我們對於到 2026 年讓 Vistra Zero 上線發電容量達到 7.3 吉瓦的專案管線與成長潛力感到振奮，但同時也會在專案推進上保持紀律。

Of course, in light of the newly introduced Inflation Reduction Act, it is possible that our Vistra Zero development projects could see enhanced returns. It is certainly a dynamic time in the marketplace and Vistra is extremely well positioned with both a strong outlook on our core generation and retail businesses, but also with Vistra Zero. With that, I will turn the call over to Kris Moldovan, our recently named CFO, to discuss the quarter's financial performance and our capital allocation progress in more detail. Many of you already know Kris well and his track record of successfully driving shareholder value for Vistra, and as of late, his active and effective management of our liquidity position.

當然，鑑於新推出的《通膨削減法案》（Inflation Reduction Act），我們的 Vistra Zero 開發專案有可能獲得更高的報酬。市場正處於高度動態的時期；Vistra 不僅在核心發電與零售業務的展望上具備非常有利的定位，在 Vistra Zero 方面亦然。接下來我將把電話會議交給我們新任命的財務長 Kris Moldovan，請他更詳細說明本季財務表現與資本配置進展。各位多半已很熟悉 Kris，以及他為 Vistra 成功創造股東價值的紀錄；近期他也積極且有效地管理我們的流動性部位。

As background, he practiced as an attorney for over a decade, including gaining significant experience through representing clients in merger and acquisition activity as well as complex financing transactions. Kris has been with Vistra and its predecessor for 16 years and joined the finance team in 2010, where he has focused on some of the most complex financial transactions in our industry. I've had the privilege to work with Chris for many years and could attest personally to his insights and capabilities, and I'm very much looking forward to partnering with him as we take Vistra forward in these exciting times of transition and growth. Kris?

補充背景說明，他曾執業律師逾十年，包含在併購活動以及複雜融資交易中代表客戶而累積了豐富經驗。Kris 已在 Vistra 及其前身公司任職 16 年，並於 2010 年加入財務團隊，專注於本產業中一些最複雜的金融交易。我有幸與 Chris 共事多年，並可親自證明他的洞見與能力；在這個令人振奮的轉型與成長時期，我非常期待與他攜手推動 Vistra 向前。Kris？

Thank you, Jim. It's an honor to be in the new role and representing Vistra on the call today. While I have met many of the participants on the call in my previous role as the Treasurer of the company, I look forward to getting to know everyone and spending time with each of you in the coming months. I'll turn now to Slide 10.

謝謝你，Jim。能在新職務上、並在今天的電話會議中代表 Vistra，我深感榮幸。雖然我在先前擔任公司財務主管（Treasurer）時已與許多與會者見過面，但我期待在未來幾個月能與各位進一步認識並交流。現在我將切換到第 10 頁投影片。

As Jim noted earlier, Vistra delivered strong financial results during the second quarter with adjusted EBITDA from ongoing operations of approximately $761 million, which was above management's expectations. Retail ended the quarter at $403 million of adjusted EBITDA from ongoing operations. And while this result is $107 million lower than second quarter 2021, it is important to note that this difference is more than accounted for by the amount of onetime self-help initiatives we undertook in the second quarter of 2021 to offset some of the losses we experienced in the preceding quarter. Retail performance this quarter was favorably impacted by warmer weather, strong margins and exceptional residential customer count growth in Texas.

如 Jim 先前所提，Vistra 在第二季交出強勁的財務成果，持續營運的調整後 EBITDA 約為 7.61 億美元，高於管理層預期。零售業務本季持續營運的調整後 EBITDA 為 4.03 億美元。雖然此結果較 2021 年第二季低 1.07 億美元，但需注意的是，這個差異已被我們在 2021 年第二季為抵銷前一季部分損失而採取的一次性自助（self-help）措施所充分解釋。本季零售表現受益於較溫暖的天氣、強勁的利差，以及德州住宅客戶數量的卓越成長。

Moving to Generation. Our collective Generation segments ended the quarter with $358 million of adjusted EBITDA from ongoing operations. This result was approximately $14 million above our second quarter 2021 results after adjusting second quarter 2021 to remove the earnings attributable to Zimmer and Joppa, which are now reported in the Asset Closure segment. This increase was driven primarily by favorable prices we experienced in the quarter offset by the ongoing coal constraints the industry continues to experience as well as onetime benefits of self-help initiatives executed in the second quarter of 2021.

接著看發電業務。我們合併的發電事業群本季持續營運的調整後 EBITDA 為 3.58 億美元。若將 2021 年第二季調整為剔除可歸屬於 Zimmer 與 Joppa 的獲利（目前已改列於資產關閉事業群），則本季結果較 2021 年第二季約高出 1,400 萬美元。此增幅主要來自本季我們所享有的有利價格，但部分被產業仍持續面臨的燃煤限制，以及 2021 年第二季所執行一次性自助措施帶來的效益所抵銷。

Finally, turning to Slide 11. Our strong financial results allow us to continue to favorably execute our capital allocation plan. Specifically, as of August 2, 2022, we have executed approximately $1.6 billion of the original $2 billion authorization, repurchasing approximately 70.5 million shares or approximately 14.6% of the shares that were outstanding as of November 2021.

最後，請看第 11 頁投影片。我們強勁的財務成果使我們得以持續有利地執行資本配置計畫。具體而言，截至 2022 年 8 月 2 日，我們已執行原先 20 億美元授權中的約 16 億美元，回購約 7,050 萬股，約占 2021 年 11 月流通在外股份的 14.6%。

Since we expect to execute the remaining portion of the $2 billion authorization before year-end 2022, as Jim noted, the Board of Directors has authorized an incremental $1.25 billion of share repurchases effective immediately. As such, we have approximately $1.65 billion of aggregate remaining availability for share repurchases under the upsized $3.25 billion authorization, which we expect to execute between now and the end of 2023.

由於我們預期在 2022 年底前完成剩餘的 20 億美元授權，如 Jim 所提，董事會已核准立即生效的額外 12.5 億美元庫藏股回購。因此，在擴大至 32.5 億美元的授權下，我們尚有約 16.5 億美元的合計可用額度可用於回購股份，並預期在現在至 2023 年底間執行完畢。

Additionally, the Board recently approved a quarterly dividend to be paid on Vistra's common stock in the amount of $0.184 per share or approximately $75 million in the aggregate payable on September 30, 2022. This is an approximately 23% growth in dividend per share as compared to the dividend paid in the third quarter of 2021.

此外，董事會近期核准對 Vistra 普通股發放每季股利，每股 0.184 美元，合計約 7,500 萬美元，將於 2022 年 9 月 30 日支付。與 2021 年第三季所支付的股利相比，此每股股利約成長 23%。

While we are focused on returning capital to our shareholders, we remain steadfastly committed to balance sheet strength, targeting a long-term net leverage ratio below 3x, excluding any nonrecourse debt we raise at Vistra Zero. This year, however, the material increase in forward power prices for the balance of 2022 through 2025, taken together with our increased forward hedging activities to lock in those prices, has resulted in significant increases in our collateral posting obligations and required liquidity to support these obligations.

在我們專注於向股東返還資本的同時，我們仍堅定致力於維持資產負債表的強健，目標為長期淨槓桿比率低於 3 倍，且不包含我們在 Vistra Zero 層級所籌措的任何無追索權債務。然而，今年 2022 年至 2025 年其餘期間的遠期電力價格大幅上升，加上我們增加遠期避險活動以鎖定這些價格，已導致我們的擔保品繳存義務與支應該等義務所需的流動性顯著增加。

As such, we have actively worked to increase our available liquidity, including issuing $1.5 billion of short-term senior secured notes, in addition to increasing the aggregate commitments under our corporate revolver by $725 million and increasing the aggregate commitments under our commodity-linked revolver by $250 million.

因此，我們已積極提升可用流動性，包括發行 15 億美元的短期優先擔保票據（senior secured notes），並將公司循環信貸（corporate revolver）的總承諾額度增加 7.25 億美元，同時將商品連結循環信貸（commodity-linked revolver）的總承諾額度增加 2.5 億美元。

As a result of these proactive transactions, we have significantly increased our available liquidity, which was approximately $4.5 billion as of August 3. Looking forward, as we deliver power against our hedges over the balance of 2022, we expect to see a material return of collateral including a significant amount of the cash we had posted at June 30.

透過這些主動交易，我們的可用流動性已大幅提升，截至 8 月 3 日約為 45 億美元。展望未來，隨著我們在 2022 年剩餘期間依避險合約交付電力，我們預期將看到擔保品大幅返還，其中包括我們在 6 月 30 日所繳存的相當大一部分現金。

To that end, we anticipate repaying more than $2.5 billion of debt by year-end, including debt outstanding under our revolving credit facilities. Of course, we must continue to prudently balance the timing of these debt repayments against the liquidity needed to support our hedging program. In addition to repaying debt, we will continue to monitor and optimize the amount and sources of liquidity necessary to support our existing hedges as well as any additional hedges we may execute over time.

為此，我們預期在年底前償還超過25億美元的債務，其中包括我們循環信貸融資項下的未償債務。當然，我們必須持續審慎地在這些債務償還的時點與支持我們避險計畫所需的流動性之間取得平衡。除償還債務外，我們也將持續監控並優化支持既有避險以及未來可能隨時間執行之任何新增避險所需的流動性規模與來源。

We said we would focus on execution in 2022 and the efforts of our Generation, Retail and commercial teams in the first 6 months have positioned us well for a successful year. We remain focused on our strategic priorities and look forward to discussing third quarter results and our outlook for the balance of 2022 and for 2023 on our next call.

我們曾表示將在2022年聚焦於執行，而我們發電、零售與商業團隊在前6個月的努力，已使我們為成功的一年奠定良好基礎。我們仍專注於策略重點，並期待在下一次電話會議中討論第三季業績，以及我們對2022年剩餘期間與2023年的展望。

With that, I'll turn the call back over to Jim for a brief wrap-up.

接下來，我把電話交回給Jim，請他做個簡短總結。

Kris, thank you very much and congratulations on the new role. Turning to Slide 12, I would just like to recap a few key points. First, our integrated model is uniquely positioned to capture long-term value in these dynamic conditions, and we are comprehensively hedging and have locked in over 60% of this value for the period of 2023 to 2025.

Kris，非常感謝你，也恭喜你擔任新職務。轉到第12頁投影片，我想簡要回顧幾個重點。第一，我們的整合式商業模式在這些動態環境下具備獨特優勢，可捕捉長期價值；我們已全面進行避險，並已為2023年至2025年期間鎖定超過60%的這些價值。

We believe we have ample liquidity and balance sheet strength to execute this strategy. Our confidence in our outlook is reinforced by the upsizing of the share repurchase program to $3.25 billion, and we continue to return capital through this program and our $300 million annual dividend.

我們相信，我們擁有充足的流動性與強健的資產負債表來執行此策略。我們對前景的信心，也因將庫藏股回購計畫擴大至32.5億美元而更為強化；我們將持續透過該計畫以及每年3億美元的股利回饋資本。

Finally, we have made great progress by bringing online over 400 megawatts in new assets in Texas this spring with Vistra Zero while restoring Moss Landing battery operations in California. With our Illinois coal to solar contracts and other pipeline projects, we are excited about our ability to decarbonize our fleet and grow our business. we are tracking ahead of our 60% greenhouse gas emissions reduction target by 2030 for our fleet, and we anticipate Vistra Zero will more than replace the earnings of the retiring coal units and we are doing this with cost-efficient capital. This is an exciting time for Vistra, and we are well positioned for this energy transition to deliver long-term sustainable value for all of our stakeholders.

最後，我們已取得重大進展：今年春季透過Vistra Zero在德州新增超過400兆瓦的新資產併網，同時也恢復加州Moss Landing電池的營運。隨著伊利諾伊州燃煤轉太陽能合約及其他管線專案，我們對於去碳化我們的機組組合並擴大業務的能力感到振奮。就我們的機組組合而言，我們在2030年前達成溫室氣體排放量減少60%的目標進度超前；我們預期Vistra Zero將不僅能取代即將退役燃煤機組的獲利，而且我們是以具成本效率的資本來達成。這對Vistra而言是令人振奮的時刻，我們已為這場能源轉型做好準備，將為所有利害關係人創造長期且可持續的價值。

With that, operator, we will open up the line for questions.

接下來，接線員，我們將開放提問。

(Operator Instructions) The first question comes from Shar Pourreza with Guggenheim Partners.

（接線員指示）第一個問題來自Guggenheim Partners的Shar Pourreza。

So let me just ask more of a top level and maybe we could start sort of with the capital allocation announcement. It's, obviously, a bit earlier than we expected, but that's a good problem to have. How should we be thinking about the cadence of future updates given the move here? Could we start to see more off-cycle announcements as free cash flow generation for the next 3 years is increasingly locked in with the hedges? I guess what do you mean by "revisit on a regular basis"? And have you and the Board thought about potentially allocating everything you've locked in through '25 all at once?

我先從較高層次的角度提問，或許可以先從資本配置的公告談起。顯然，這比我們預期的稍早一些，但這是個好問題。鑑於這次的動作，我們應該如何看待未來更新的節奏？隨著未來3年的自由現金流因避險而愈來愈被鎖定，我們是否可能看到更多非例行的公告？你所說的「定期重新檢視」是什麼意思？另外，你和董事會是否曾考慮把你們截至2025年已鎖定的部分一次性全部分配？

Shar, there's a lot in that question. Let me first start with the idea that we are just past the halfway point 2022 and we feel good about where 2022 is trending. We were working through the buyback program in a fairly expeditious manner. And our next call, obviously, would be early November. So we thought, given where we're tracking in '22, plus the incremental hedging that we've been able to do for '23 through '25, our confidence level was higher. We wanted to keep the momentum in the market from a return of capital standpoint. So we felt comfortable asking for the authorization and the Board was obviously comfortable approving it as a sign that the earnings power of this business has taken a material step up since early this year when we saw the curve start to rise in April.

Shar，你這個問題涵蓋很多面向。我先從這點開始：我們剛過2022年的一半，我們對2022年的走勢感到樂觀。我們以相當迅速的方式推進回購計畫。而我們下一次電話會議顯然會在11月初。因此，考量我們在2022年的追蹤情況，加上我們已能為2023年至2025年進行的增量避險，我們的信心更高。我們希望從資本回饋的角度維持市場動能，所以我們覺得提出授權是合適的，而董事會也顯然樂於核准，這也顯示自今年初（4月看到曲線開始上升）以來，這項業務的獲利能力已出現實質性的提升。

As far as the frequency of it, I think it's a function of a number of factors. It's a function of what are the market opportunities from the capital standpoint that we could deploy in the base business. We are obviously always even looking for upgrades in our own units, where we can bring in incremental megawatts. For instance, in ERCOT we've operated some of our units to capture some of the prices that we saw this summer.

至於更新頻率，我認為取決於多項因素。這取決於我們在基礎業務中，從資本角度有哪些可部署的市場機會。我們也一直在尋找自有機組的升級機會，以帶來額外的兆瓦。例如在ERCOT，我們今年夏天操作部分機組，以掌握我們看到的一些價格機會。

So there's -- on the margin, there's opportunities to deploy on the base business small amounts of capital. Vistra Zero is obviously something that could accelerate some with the IRA that we're talking about here. But I think the main thesis, which is as we get a line of sight to these cash flows, the 60% is still well hedged, but there's still plenty that's not hedged. As that confidence builds, we could continue to update the capital return strategy, and that was the point we tried to make in our comments, and I think we have to just see how the market curves and follow from this point forward in tandem with our hedging strategy.

因此，在邊際上，確實存在一些在基礎業務投入小額資本的機會。Vistra Zero顯然也可能因我們在此提到的IRA而加速一些。不過我認為主要論點是：當我們對這些現金流的可見度提高時，雖然60%仍已良好避險，但仍有相當部分尚未避險。隨著信心提升，我們可能會持續更新資本回饋策略；這也是我們在評論中想傳達的重點。我想我們必須觀察市場遠期曲線的變化，並與我們的避險策略同步，從現在起持續推進。

Got it. Got it. And just on your hedging real quick, I guess, obviously, the backdrop is really strong. There's some perpetuity to it. I guess, why aren't you just hedging everything at this point? Is it just that you can't given the liquidity out in 25 fuel hedging, maybe just a bit of a fundamental view here.

了解。了解。再快速問一下你們的避險：顯然目前的大環境非常強，而且似乎具有一定的長期性。那為什麼你們現在不把所有部位都避險掉？是因為做不到、例如2025年的燃料避險在外部流動性限制？還是你們在基本面上有一些看法？

Sure. I think you hit a couple of the key points, Shar. The market depth is not as great, clearly, out in 2025 as it is in '23. The liquidity that we have, while it is ample, it does take more liquidity in reserve to be able to hedge that far out. And so you can imagine we've got sort of a downward sloping hedge percentage where '23 is hedged higher as we said, over 80%. '24 is less than that and then '25 is less than that.

當然。我想你點到了幾個關鍵點，Shar。市場深度顯然在2025年不如2023年。雖然我們的流動性很充裕，但要把避險拉到那麼遠，需要預留更多流動性。因此你可以想像，我們的避險比例大致呈現向下傾斜：如我們所說，2023年的避險比例較高，超過80%；2024年低於此水準，而2025年又更低。

It's also we do tandem hedging, where we want to make sure that we've got the fuel to back up the hedging for our generation assets and some of the fuel procurement out that far in certain regions is not as deep. And so we take all that into consideration. And also, we're not sure in some of these that full value are still realized. These curves have moved up in '24, '25, but there may still be some room to run. And so it's okay for us to have a little bit of exposure to that, too.

另外，我們採取搭配式避險（tandem hedging），也就是要確保我們對發電資產所做的避險有相對應的燃料作為支撐；而在某些地區，燃料採購要做到那麼遠期，市場深度也沒那麼好。因此我們會把這些都納入考量。同時，我們也不確定在某些情況下是否已完全反映全部價值。這些曲線在2024、2025年已上移，但可能仍有上行空間。因此，我們保留一點曝險也是可以接受的。

Got it. And then lastly, Jim, for me is one of your peers recently mentioned that they were considering maybe contracting for new build gas in ERCOT, right? I guess do you agree the market needs more? Do you guys have a fundamental view, I guess, over the next 5 years in Texas. The CDR says one thing, but the real-time market says another.

了解。最後一個問題，Jim：你們的一位同業最近提到，他們可能在ERCOT考慮為新建燃氣機組簽約。我想問你是否同意市場需要更多供給？你們對德州未來5年的基本面有什麼看法？CDR說的是一回事，但即時市場顯示的又是另一回事。

Yes. Shar, great question. That's actually hitting on the bigger topic about ERCOT market reform and how is ERCOT going to sufficiently incentivize not only the potential for new assets to come online that are dispatchable, be it thermal or battery, but also retain the assets that it actually has on the grid that were needed multiple times from May through July.

是的。Shar，這個問題切中要害。這其實觸及更大的議題：ERCOT市場改革，以及ERCOT將如何充分激勵不僅是新的可調度資產（無論是傳統火力或電池）上線的可能性，也要留住電網上既有、且在5月至7月期間多次被需要的資產。

I think as the market and the CDR indicates more [intermediary] resources are clearly in the queue, and they've been coming in a fairly robust fashion. But that means that all the other assets are dispatching at times against marginal cost assets that could be dispatching at 0 or even negative prices.

我認為，正如市場與CDR所顯示的，更多[intermediary]資源顯然在排隊等候，且以相當強勁的速度進入。但這也意味著，其他所有資產在某些時段必須與邊際成本資產競爭，而那些資產可能以0甚至負價格出清並被調度。

So I think ERCOT reform is going to have to consider how does the revenue mechanism for dispatchable assets have a factor that considers their availability and their reliability. And that may be a payment mechanism that separate and apart can simply when you dispatch for energy purposes. That hadn't been figured out yet. And so I do think there's a worry that the only thing that has the incentives and that's primarily because of federal incentives to be billed are more the intermittent resources.

因此我認為，ERCOT改革必須思考：可調度資產的收入機制，如何納入其可用性與可靠性等因素。這可能需要一種獨立於單純因能源調度而產生的付款機制。目前這點尚未被釐清。所以我確實擔心，真正具備激勵的可能只剩下那些資源，而這主要是因為聯邦激勵使其更容易被建置，也就是間歇性資源。

And I think policymakers are focused and interested in having the reliability that the dispatchable assets bring. That's the focus of the study that the consultant is doing on behalf of the Public Utility Commission. We believe that there needs to be a focus on reliability. There's been a lot of focus on the transition from an environmental and emission standpoint, but in many places around the country, the reliability aspect has not been the key area of focus.

我認為政策制定者正聚焦並有興趣確保可調度資產所帶來的可靠性。這也是顧問代表公共事業委員會所進行研究的重點。我們相信必須把焦點放在可靠性上。過去大家在環境與排放的轉型面向投入了很多關注，但在全國許多地方，可靠性面向並未成為最主要的關注焦點。

I think Texas is focused on that, and Texas wants to solve this. That might incentivize some thermal generation. But without that incentive, it is hard to see that penciling now in our analysis. And so potentially with market reform, that might be something that would work.

我認為德州正專注於此，而且德州希望解決這個問題。這可能會激勵部分火力發電。但若沒有那項激勵，在我們目前的分析中很難看出能夠算得過來。因此，若有市場改革，這可能會是可行的作法。

Perfect. And Jim and Kris, really huge congrats on the spots.

太好了。Jim 和 Kris，真的非常恭喜你們拿到這些職位。

Our next question comes from Steve Fleishman with Wolfe Research.

我們下一個問題來自 Wolfe Research 的 Steve Fleishman。

Yes. I want to echo congratulations, Jim and Kris. So just on the $3.5 billion to $3.7 billion range, '23 to '25. Is that an average over the 3 years? Or is that a range you expect each year?

是的。我也想再次恭喜 Jim 和 Kris。關於 2023 到 2025 年 35 億到 37 億美元這個區間：這是三年平均值嗎？還是你們預期每一年都會落在這個區間？

So that is an average, Steve. And similar to the last call we had, what we see is we're more hedged in the early part of that period, and we're less hedged obviously in the latter part. So even though on an absolute basis, the curves aren't as high in say '25 as '23. Once you consider the relative hedge ratios, they actually end up being pretty similar.

Steve，這是平均值。也和我們上次電話會議類似，我們看到的是在那段期間的前半段我們的避險程度較高，而在後半段顯然避險較少。所以即使就絕對值而言，例如 2025 年的曲線不如 2023 年高，但一旦考量相對避險比率，最後其實會非常接近。

Okay. So just I guess my next question was just going to be the shaping of the $3.5 billion to $3.7 billion, '23, '24, '25. It sounds like based on what you said, it's kind of similar each year?

好的。所以我想我的下一個問題就是 2023、2024、2025 年這 35 億到 37 億美元的分布形狀。聽起來依你剛才所說，每一年大致相近？

It is. Now the good news is that '24 and '25 have continued to run. I'm fine if that shape doesn't look flatter. We're more locked in for '23, so we won't capture probably as much upside if '23 were to continue to run. But if '24, '25 were to, then you could absolutely see still upside in that slope actually shifting more to upward.

是的。好消息是 2024 和 2025 年的走勢仍在延續。如果那個形狀不要變得更平坦，我也可以接受。我們對 2023 年鎖定得比較多，所以如果 2023 年繼續走高，我們可能無法捕捉到那麼多上行空間。但如果 2024、2025 年走高，你確實仍可能看到上行空間，而且那個斜率可能會轉為更向上。

Okay. That makes sense. Is it fair to assume for '24, '25, you're using forward curves as they are right now for the open positions in those years? Or are you hair cutting some just because?

好的。這很合理。那是否可以假設，對於 2024、2025 年，你們對那些年度的未避險部位，是使用目前的遠期曲線？還是會因為某些原因做一些折減（haircut）？

So yes, so we're using curves of 7/29 as we refresh this analysis. We have to take into some consideration, Steve, some of the unknowns. I mean we assume that some factors like coal constraints have worked their way out more by 2025 than potentially the balance of '22 and '23.

是的，我們在更新這份分析時使用的是 7/29 的曲線。我們也必須把一些未知因素納入考量，Steve。我的意思是，我們假設像煤炭供應限制這類因素，到 2025 年會比 2022 年剩餘期間與 2023 年更有機會逐步緩解。

So we have done, and we said this risk adjustment, we have taken into account some risk adjustments as we think about this. That's why we think the $3.5 billion to $3.7 billion is conservative. So we still have a decent open position out there. So it can go the other way, right? That's why we feel like hedging makes sense. That's why we like the opportunity to keep ample liquidity. But yes, this is a conservative view on a risk-adjusted basis.

因此我們確實做了、也提過這個風險調整；在思考這件事時，我們已納入一些風險調整。這也是為什麼我們認為 35 億到 37 億美元是保守的。我們仍有相當比例的未避險部位在外面，所以也可能往另一個方向走，對吧？這就是為什麼我們覺得避險是合理的；也為什麼我們喜歡保有充足流動性的機會。但沒錯，這是在風險調整基礎上的保守觀點。

Yes. All right. That makes a ton of sense. And then just on the IRA aside from potentially improving returns for your renewables opportunities? Any other broad thoughts on implications for Vistra if it passes?

是的。好，這非常合理。那再談 IRA（《通膨削減法案》），除了可能提升你們再生能源機會的報酬之外？如果它通過，對 Vistra 還有其他更廣泛的影響想法嗎？

Yes. I think there are some. I think obviously, the most immediate ones would be on the renewables piece and the standalone batteries. More than 50% of our Vistra Zero opportunity set is storage related, and that was not attached to solar, in most cases to solar. So standalone battery ITC is meaningful for us.

有的，我認為有一些。顯然最直接的會是在再生能源以及獨立式電池（standalone batteries）這一塊。我們 Vistra Zero 的機會組合中，超過 50% 與儲能相關，而且多數情況下並不是綁在太陽能上。因此，獨立式電池的投資稅額抵免（ITC）對我們很有意義。

On carbon capture, we have some assets that could be good candidates. That's a little bit further out to be able to get the technology, but certainly, the economic incentives could be there, and we've got some attractive assets that could be coal or gas that could be candidates for carbon capture.

在碳捕捉方面，我們有一些資產可能是很好的候選者。這會更偏中長期，因為需要技術到位，但經濟誘因當然可能存在，而且我們有一些具吸引力的資產，無論是燃煤或燃氣，都可能成為碳捕捉的候選。

And then the hydrogen piece, obviously, with the nuclear facility, with Comanche Peak. You've got not only the hydrogen incentive, but the production tax credit, which at today's curves looks a little bit more like it provides a floor support. I wouldn't consider it in the near-term incremental EBITDA, but it certainly helps provide a floor that's a lot higher than where the floor was in 2018, where we were looking at forward curves in the mid-$25 to $27 range for as far as the eye can see.

再來是氫能部分，顯然，搭配 Comanche Peak 的核電設施，你不只有氫能的激勵，還有生產稅額抵免（PTC）。以今天的曲線來看，它更像是提供一個底部支撐。我不會把它視為短期的增量 EBITDA，但它確實有助於提供一個底部，而且這個底部遠高於 2018 年的水準；當時我們看到的遠期曲線大概在每兆瓦時 25 到 27 美元的中段區間，幾乎一眼望去都是如此。

So even if the floor is $40 to $44, that's a much more attractive place to put an anchor for a large carbon-free asset like Comanche Peak. So that's how we think about the IRA.

所以即便底部是 40 到 44 美元，對於像 Comanche Peak 這樣的大型無碳資產而言，作為錨定基準也更具吸引力。這就是我們看待 IRA 的方式。

Okay. And then one last quick question on Retail. Very strong quarter for you in terms of customer growth and the like. Could you just maybe give a little bit more flavor on the competitive dynamics you're seeing in Retail in Texas?

好的。最後一個關於零售（Retail）的快問：你們這一季在客戶成長等方面表現非常強勁。能否再多分享一些你們在德州零售市場看到的競爭動態？

Yes, you bet. And I'll kick it off, Steve, and then I'd like Scott Hudson to comment here in a second.

當然可以。Steve，我先開頭，接著我想請 Scott Hudson 等一下也在這裡補充。

We have -- had a really good run in the ERCOT Retail business for well over a year now. And the second quarter was really strong, as you noted. We tend to do really well. If you go back over the 20 years, when curves start to move up rapidly, and there's a lot of volatility, our value proposition to our customers really shine because we forward buy, sometimes the hedging and folks would like to see a more open position.

我們在 ERCOT 零售業務已經有超過一年的非常好表現，而第二季如你所說也非常強。我們通常表現得很好。若回顧過去 20 年，當曲線開始快速上升、波動很大時，我們對客戶的價值主張就會特別突出，因為我們會做遠期採購；有時候在避險上，外界可能希望看到更開放的部位。

But part of our hedging strategy is selling from Generation to Retail and Retail being able to lock in a good price for that -- for the customer base. A lot of our competitors aren't doing that. So our customers were seeing year-over-year, when inflation for gasoline was up 50% and even doubling, we're seeing our revenue rates over the quarter-over-quarter in the 8% to 10% increase range. So that's a real value proposition for our customers.

但我們避險策略的一部分，是從發電端賣給零售端，讓零售端能為客戶群鎖定一個好價格。我們很多競爭對手並沒有這麼做。因此，當汽油通膨年增 50% 甚至翻倍時，我們看到的是我們的費率在季對季大約只增加 8% 到 10%。這對客戶而言是一個真正的價值主張。

So our retention was excellent and then our acquisition with new products that we've announced heading into this hot summer which has been really well received, is something I'd like Scott to comment on because it is a product innovation and a channel strategy. It isn't just a game about pricing, but I think the platform that we have of stability for customers is really attractive in these periods, and it's showing up in the customer count. Scott?

所以我們的留存率非常好；而我們在進入這個炎熱夏季前所推出的新產品也獲得很好的回響，帶動了新客戶取得。這部分我想請 Scott 來評論，因為這涉及產品創新與通路策略；不只是價格的遊戲。我認為我們提供給客戶的穩定性平台，在這些時期非常有吸引力，而這也反映在客戶數上。Scott？

Yes. Thanks, Jim, and thanks for the question, Steve. A little bit about market dynamics that we're seeing. The market was extremely active in the quarter, first of all, with new transactions being up by about 19%, and then we're (inaudible) to capture more of that market activity.

好的，謝謝 Jim，也謝謝你的問題，Steve。我先談談我們看到的一些市場動態。首先，本季市場非常活躍，新交易量大約增加了 19%，而我們也在（聽不清）以掌握更多這樣的市場活動。

We also saw a tremendous amount of leads coming into our call centers and our digital properties, which, as Jim mentioned, I think, really speaks to the effectiveness of the marketing. And in times of volatility customers that might be on a less-known brand really come to brands that they know and trust and TXU Energy clearly falls in that category.

我們也看到大量潛在客戶線索進入我們的客服中心與數位平台。正如 Jim 提到的，我認為這確實反映了行銷的有效性。在波動時期，原本使用較不知名品牌的客戶，會轉向他們熟悉且信任的品牌，而 TXU Energy 顯然屬於這一類。

And then lastly, as Jim mentioned, we're really known for offering first of a kind mass market product offers. In the market we had -- the product we had in market this summer was called Ultimate Summer Pass. And it's a seasonal discount product that gives you percentage off during the summer and because it was so hot, that particular product just really resonated with the consumers.

最後，如 Jim 所說，我們以提供市場上首創的大眾市場產品方案而聞名。今年夏天我們在市場上的產品叫做 Ultimate Summer Pass。這是一種季節性折扣產品，讓你在夏季享有一定百分比的折扣；而因為天氣非常炎熱，這個產品特別引起消費者共鳴。

But we have a lot of proven capabilities in terms of analytics and marketing and channel strategies, but it really is just a focus on the customer experience. and how we really try to be consultative with our customers and help them find the right product and the right plan, and it's really all contributed to our success. But again, thanks for the question.

我們在分析、行銷與通路策略方面有很多經過驗證的能力，但核心其實就是專注於客戶體驗，以及我們如何以顧問式方式協助客戶找到合適的產品與方案，這些都促成了我們的成功。不過再次謝謝你的提問。

Steve, I would just wrap by with Scott's comment by just adding that these gains are some of the best gains we've seen 14, 15 years. Competition has kind of winnowed a bit in terms of number of competitors because the balance sheet and the hedging requirements and the volatility make this a difficult business to just be standalone. And I think this is another case where the integrated model has really been able to show its effectiveness.

Steve，我用 Scott 的評論做個總結，再補充一點：這些成長是我們 14、15 年來看過最好的成長之一。由於資產負債表、避險要求以及波動性，使得這是一門很難單打獨鬥的生意，因此競爭者數量在某種程度上已經有所縮減。我認為這又是一個整合式模式真正展現其有效性的案例。

Our next question comes from David Arcaro with Morgan Stanley.

我們下一個問題來自 Morgan Stanley 的 David Arcaro。

Maybe just a quick follow-up on the Inflation Reduction Act. Any thoughts on the minimum tax and whether that could impact cash flow going forward?

我想就《通膨削減法案》再快速追問一下。對於最低稅負（minimum tax），你們有什麼看法？它是否可能影響未來的現金流？

I'll comment, and then I'll ask Kris to say a few words. It could. Not in the near term. We don't see anything. We still carry losses from [Yuri]. And so this is going to be something that for book purposes, it's going to take a while to work out of. And so it would down the road as we think about what is our federal tax exposure. It could increase it. But it's not a near-term kind of in the immediate vicinity of our planning horizon, but I'm going to let Kris comment further.

我先回應，然後我會請 Kris 再補充幾句。它可能會。但短期內不會。我們目前看不到任何影響。我們仍承接自 [Yuri] 的虧損扣抵。因此就帳面目的而言，這需要一段時間才會消化完。所以在更往後、當我們思考聯邦稅負曝險時，它可能會提高。但這不屬於我們規劃視野中近期、立即會發生的事情；不過我讓 Kris 再進一步評論。

Thanks, Jim. I think that's right. Given the fact of the losses during [Yuri] and those book losses, we don't see throughout the entirety of our planning horizon that coming into play. We will continue to monitor it. But it's not, as Jim said, it's not a near-term effect on us. .

謝謝，Jim。我認為你說得對。鑑於在 [Yuri] 期間的損失以及那些帳面損失，在我們整個規劃期間內，我們看不到它會發揮作用。我們會持續監控。但正如 Jim 所說，這對我們並非短期影響。.

Okay. Great. That makes sense. That's helpful. And then there's been a lot of focus on operations, just given how tight the ERCOT market has been. Wondering if you could just comment on kind of the current health of your fleet in ERCOT, how comfortable you're feeling as we head into August. And whether there is just still kind of maintenance work that you're trying to chip away at or just how -- what the current state of the fleet is right now?

好的。很好。這很合理。很有幫助。接著，鑑於 ERCOT 市場一直非常吃緊，大家對營運面有很多關注。想請你評論一下你們在 ERCOT 的機組群目前健康狀況如何、在邁入八月之際你們有多安心。以及是否仍有一些維護工作正在逐步消化，或是——目前機組群的狀態到底如何？

David, thank you. Great question. First of all, I'm going to tell you about how we have performed, and I hope that doesn't jinx our performance going forward because it is a tough business. And I can't get into the specific details of the financial impacts, but I can tell you from a reliability standpoint, the fleet performed exceptionally well, particularly in July, which was a critical period. The men and women that are out there in these conditions, making these units operate at the level of effectiveness that they have is really just a tremendous, tremendous effort, and there were times, I'm sure you were following where basically every megawatt was needed on the grid to keep the system with a minimum operating level of reserves.

David，謝謝你。問得很好。首先，我會先談談我們的表現；我希望這不會讓我們接下來的表現「被說中」而走下坡，因為這是一門艱難的生意。我無法深入談具體的財務影響細節，但我可以告訴你，就可靠度而言，機組群表現非常出色，尤其是在七月這個關鍵期間。在這樣的環境條件下，讓這些機組以目前的有效率運轉，現場的男女同仁付出了非常、非常巨大的努力；而且有些時候——我相信你也有在關注——基本上電網上每一個兆瓦都不可或缺，才能讓系統以最低運轉備轉容量水準維持運行。

So the fleet is in good shape. It remains in good shape. We tend to take some periods on the weekends to come down for some assets to do minor repairs to make sure they're ready to go. And of course, we use our weather -- our weather forecasting as well as coordinating with ERCOT with advanced notice to let them know what our intentions are, and that has been very helpful so that we're able to do the maintenance that we need.

因此，機組群狀況良好，而且仍然維持良好。我們通常會利用週末的一些時段，讓部分資產降載，進行一些小修，確保它們隨時可以上線。當然，我們也會運用天氣——我們的天氣預報，並且與 ERCOT 協調、提前通知他們我們的計畫意圖；這非常有幫助，讓我們能夠完成所需的維護。

I will say in some other parts of the country in July in PJM, we did have a few struggles with some older coal units. And so the performance that we saw from the -- from the July Generation and Retail performance was offset some by where we were seeing some unit challenges in PJM, not fully offsetting by any means, but just recognition that when you run a 40,000-megawatt fleet, there's going to be some cases where you have some unplanned impacts. Those units have been recovered and they're operating, but it's still just a matter of a large fleet diversified across the country. But in the moment, when ERCOT was its tightest and when these units were needed, there was exceptional performance by the ERCOT fleet.

我也要說，在七月的其他地區，例如 PJM，我們確實在一些較老的燃煤機組上遇到了一些困難。因此，七月發電與零售的表現所帶來的成果，部分被我們在 PJM 看到的機組挑戰所抵銷——當然絕非完全抵銷——只是要認知到，當你營運一個 40,000 兆瓦的機組群時，難免會有一些非計畫性的影響。那些機組已經恢復並在運轉，但這仍然是全國分散、多元化的大型機組群所面臨的現實。不過在當下，當 ERCOT 最吃緊、最需要這些機組的時候，ERCOT 機組群的表現非常卓越。

Our next question comes from Durgesh Chopra with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Durgesh Chopra。

And congratulations to you both. I just wanted to go back to the -- I'm sorry, I was going to ask you a question about your debt-to-EBITDA metrics. And obviously, as of the second quarter, they're kind of -- you've got some margin contributions there. So they're elevated above the 3x target you have long term. Maybe just could you talk to how do you see that trending over the next few years? Should we expect them to kind of remain elevated given the margin deposits? Or how should we think about those targets over the next 12 to 24 months?

也恭喜你們兩位。我想回到——抱歉，我本來要問你們的淨負債對 EBITDA 指標。很明顯，截至第二季，你們那邊——有一些保證金（margin）貢獻，所以該指標高於你們長期 3 倍的目標。能否談談你們如何看待未來幾年的走勢？考量到保證金存款，是否預期它會維持在較高水準？或是我們應該如何看待未來 12 到 24 個月的這些目標？

Sure. Yes, Durgesh, thank you. In the deck, we tried to highlight the total debt numbers, recognizing, of course, we have cash on hand. And then we have a significant amount post of this margin deposits. And of course, as we operate our fleet and we serve customers, we would expect this cash that's posted in terms of net margin deposits to come back into the system, and we've used that obviously, to pay down debt, as Kris indicated in his remarks.

當然可以。是的，Durgesh，謝謝。在簡報中，我們試著強調總負債數字，當然也認知到我們手上有現金。接著，我們還有一大筆已繳交的保證金存款。當然，隨著我們營運機組並服務客戶，我們預期以淨保證金存款形式繳交的這些現金會回流到系統中；而且如 Kris 在他的發言中所提到的，我們也已經用它來償還債務。

I believe that we're tracking, and I think you see this in the chart. I think we're tracking in the low 3s. In the -- under normal course of operation here in the very near term. If we have to keep posting margin, it means that the curves are moving up, and that probably means that our unhedged position is even more in the money, and that's a good thing from an enterprise value for Vistra.

我相信我們目前的走勢——我想你在圖表中也看得到——在近期、在正常營運情況下，我們大概是在 3 倍出頭的低區間。如果我們必須持續繳交保證金，那代表遠期曲線正在上移，而這很可能也意味著我們未避險部位的價內程度更高；從 Vistra 的企業價值角度來看，這是一件好事。

So I think the most important thing that we've done, and Kris has done an excellent job of doing this, is securing ample liquidity, which I realize that you've read some announcements over time, wondering what is the adequate amount to have, and that's something we monitor every day, and it's a function of how hedged are we, what's the volatility in the market, how far out are we hedging.

因此，我認為我們做得最重要的一件事——而 Kris 在這方面做得非常出色——就是確保充足的流動性。我知道你也看過我們過去一些公告，市場一直在問到底多少才算足夠；而這是我們每天都在監控的事情，取決於我們避險程度如何、市場波動有多大、以及我們把避險做多遠。

And if anything, we're going to be conservative on the liquidity side and make sure that we are not paying down debt, permanent debt any sooner than we should because we want to make sure that the liquidity is there to keep taking advantage of these market opportunities. And so I'm going to ask Kris if he would like to add something.

如果有什麼原則的話，我們會在流動性方面採取更保守的做法，確保我們不會比應該的時間更早去償還永久性債務，因為我們希望確保有足夠的流動性，持續把握這些市場機會。所以我想請 Kris 看看是否要補充。

Yes. Thanks, Jim. The only thing that I would add is that it's just the timing that you referenced. As we reported this morning, we have approximately just over $3 billion of cash posted, and a significant amount of that cash will come back over the balance of this year. And that's what -- as we perform and our units run. So that's what gives us the ability to be confident when we say that we'll be able to repay more than $2.5 billion over the balance of the year and get back into the range of our target, we think, in the very near future.

是的。謝謝，Jim。我唯一想補充的是你提到的時間點。如同我們今天早上所報告的，我們目前約有略高於 30 億美元的現金已繳交作為保證金，而其中相當大一部分會在今年剩餘期間回流。這會隨著我們的履約以及機組運轉而發生。因此，這也讓我們有信心表示：我們將能在今年剩餘期間償還超過 25 億美元，並在不久的將來回到我們目標區間內。

Our last question comes from Jonathan Arnold with Vertical Research Partners.

我們最後一個問題來自 Vertical Research Partners 的 Jonathan Arnold。

Durgesh just asked what I was going to ask. One other thing I wanted to -- just curious on as Vistra Zero grows and you start to see more of a contribution, how are you going to show that to us? Any thoughts about sort of does it just show up in the segments? Are you going to call it out just sort of back to the comment on anticipating replacing EBITDA from retiring coal with that portfolio over time. [There's no more] any sense of just sort of tracking that we'll be able to do on that.

Durgesh 剛剛問的正是我原本要問的。還有一件事我想——只是好奇，隨著 Vistra Zero 成長、你們開始看到更多貢獻，你們打算如何向我們呈現？有沒有想法，例如它是否就直接反映在各事業部門（segments）裡？你們會不會特別揭露？回到你先前提到的，預期隨時間以該投資組合來替代退役燃煤所流失的 EBITDA。[沒有更多] 你們是否有任何讓我們可以追蹤的方式？

Yes. Great question, Jonathan. I think I even indicated earlier this year that we would envision providing visibility for that segment. And at that same time, we were focused on restoring Moss 300 and 100 because until we got these assets operating in the spring in Texas and got Moss 300, 100 restored, there wasn't a lot of operating EBITDA in Vistra Zero.

是的。Jonathan，問得很好。我想我今年稍早甚至提過，我們會設想為該業務提供可視性。同一時間，我們也專注在恢復 Moss 300 和 100，因為在我們於德州春季讓這些資產恢復運轉、並把 Moss 300、100 修復之前，Vistra Zero 並沒有太多可營運的 EBITDA。

Now that we have even those assets on the ground and operating with obviously Moss 300 and 100, we have a material contribution for 2023, we see it in the ballpark of around $200 million coming from Vistra Zero. That's not a segment reported yet, but I see us getting to that segment reporting towards the end of this year. And we just wanted to make sure it was meaningful, Jonathan, to go through that exercise at this point and we wanted to get the operating assets on the ground delivering and we've got that. So I think you can expect to see more visibility into that towards the end of the year.

現在，即便只是這些資產已經落地並運轉——顯然包括 Moss 300 和 100——我們在 2023 年就有實質貢獻；我們看到 Vistra Zero 的貢獻大約在 2 億美元左右。這目前還不是一個已揭露的報導分部，但我認為我們會在今年底前後走到分部揭露。Jonathan，我們只是想確保在這個時間點做這件事是有意義的；我們也希望先讓營運資產落地、開始交付，而我們已經做到。所以我想你可以期待在今年底前後看到更多可視性。

Okay, great. That's helpful. And congrats to both of you.

好的，很好。這很有幫助。也恭喜你們兩位。

This concludes our question-and-answer session. I would like to turn the conference back over to Jim Burke for any closing remarks.

問答環節到此結束。我想把電話會議交回給 Jim Burke，請他做結語。

I just want to thank you for taking the time to join us, be with Kris, myself and the management team. We are incredibly excited about where Vistra is, and we look forward to speaking to you again in a few months as we update you on our execution and our outlook for 2023 and beyond. Thanks again.

我只想感謝各位撥冗參與，與 Kris、我本人以及管理團隊一同出席。我們對 Vistra 目前的狀態感到非常振奮，也期待在幾個月後再次與各位交流，向各位更新我們的執行進展，以及對 2023 年及未來的展望。再次感謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議現已結束。感謝各位參加今天的簡報。您現在可以掛線。