Jim Burke
CEO & President at Vistra
The consistent execution from our team across generation, commercial and retail delivered reliable power and customer solutions that reflect the strength of our integrated business model. As you may remember from our Q2 results call, we indicated our 2024 ongoing operations adjusted EBITDA was trending toward the upper end of the guidance range. I am pleased to report that with the results announced today and our outlook for the Q4, we are raising and narrowing our guidance range for 2024 ongoing operations adjusted EBITDA to $5,000,000,000 to $5,200,000,000 with a midpoint above the upper end of our previous range. We are also raising and narrowing the guidance range for ongoing operations adjusted free cash flow before growth to $2,650,000,000 to $2,850,000,000 As we noted on our previous results call, our guidance excludes any potential benefit related to the Nuclear Production Tax Credit or PTC as we await clarity from Treasury around the interpretation of gross receipts. However, based on year to date settle prices and the forward curve for the balance of the year, we believe the impact of the nuclear PTC to our 2024 ongoing operations adjusted EBITDA could be approximately $500,000,000 Moving to our longer term outlook, we are introducing guidance ranges for 2025 ongoing operations adjusted EBITDA of $5,500,000,000 to $6,100,000,000 and ongoing operations adjusted free cash flow before growth of $3,000,000,000 to $3,600,000,000 Notably, our ongoing operations adjusted EBITDA guidance midpoint of $5,800,000,000 is higher than the $5,700,000,000 upper end of our previously communicated range for 2025.