CP-202200068, (CPNPP) - Guarantees of Payment of Deferred Premiums

(CPNPP) - Guarantees of Payment of Deferred Premiums

ML22041A296
Person / Time
Site:	Comanche Peak
Issue date:	02/10/2022
From:	Hicks J Luminant, Vistra Operations Company
To:	Document Control Desk, Office of Nuclear Reactor Regulation
References
CP-202200068, TXX-22018
Download: ML22041A296 (5)

Text

Jack C. Hicks Comanche Peak Manager, Regulatory Affairs Nuclear Power Plant (Vistra Operations Company LLC)

P.O. Box 1002 6322 North FM 56 Glen Rose, TX 76043 T 254.897.6725 CP-202200068 TXX-22018 February 10, 2022 ATTN: Document Control Desk Ref 10 CFR 140.21(e)

U. S. Nuclear Regulatory Commission Washington, DC 20555-0001

Subject:

Comanche Peak Nuclear Power Plant (CPNPP)

Docket Nos. 50-445 and 50-446 Guarantees of Payment of Deferred Premiums

Dear Sir or Madam:

Pursuant to 10 CFR 140.21(e), Vistra Operations Company LLC (Vistra OpCo) hereby submits condensed consolidated financial statements for Vistra Corp. as of September 30, 2021, to demonstrate the Companys ability to pay deferred premiums under the Secondary Financial Program. The cash flow for the quarterly period ending September 30, 2021, is found on pages 2 and 3 of United States Securities and Exchange Commission (SEC) Form 10-Q report (see Enclosure for pages 2 and 3).

The Vistra Corp. SEC Form 10-Q Report for the period ended September 30, 2021, can be accessed at the following url address:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1692819/000169281921000015/vistra-20210930.htm

TXX-22018 Page 2 of 2 This communication contains no new commitments regarding CPNPP Units 1 and 2.

Should you have any questions, please contact Nic Boehmisch at (254) 897-5064 or Nicholas.boehmisch@luminant.com.

Sincerely, Jack C. Hicks Enclosure Vistra Corp. SEC 10-Q as of September 30, 2021 (Pages 2 and 3) c (email) - Scott Morris, Region IV [Scott.Morris@nrc.gov]

Dennis Galvin, NRR [Dennis.Galvin@nrc.gov]

John Ellegood, Senior Resident Inspector, CPNPP [John.Ellegood@nrc.gov]

Neil Day, Resident Inspector, CPNPP [Neil.Day@nrc.gov]

Enclosure to TXX-22018 Vistra Corp. SEC 10-Q as of September 30, 2021 (Pages 2 and 3)

Table of Contents VISTRA CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions of Dollars)

Nine Months Ended September 30, 2021 2020 Cash flows operating activities:

Net income (loss) $ (1,994) $ 651 Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:

Depreciation and amortization 1,551 1,512 Deferred income tax expense (benefit), net (587) 264 Impairment of long-lived assets (Note 17) 38 356 Loss on disposal of investment in NELP (Note 17) 29 Unrealized net (gain) loss from mark-to-market valuations of commodities 771 (444)

Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps (92) 181 Asset retirement obligation accretion expense 27 33 Impacts of Tax Receivable Agreement (Note 7) (31) (44)

Stock-based compensation 36 46 Other, net 79 115 Changes in operating assets and liabilities:

Margin deposits, net (767) 60 Accrued interest (55) (97)

Accrued taxes (63) (35)

Accrued employee incentive (86) (20)

Other operating assets and liabilities 680 (257)

Cash provided by (used in) operating activities (493) 2,350 Cash flows investing activities:

Capital expenditures, including nuclear fuel purchases and LTSA prepayments (790) (838)

Proceeds from sales of nuclear decommissioning trust fund securities (Note 17) 366 291 Investments in nuclear decommissioning trust fund securities (Note 17) (382) (307)

Proceeds from sales of environmental allowances 102 91 Purchases of environmental allowances (247) (210)

Insurance proceeds 74 15 Proceeds from sale of assets 7 23 Other, net 27 8 Cash used in investing activities (843) (927)

Cash flows financing activities:

Issuances of long-term debt (Note 10) 1,250 Borrowings under Term Loan A (Note 10) 1,250 Repayment under Term Loan A (Note 10) (1,250)

Proceeds from forward capacity agreement (Note 10) 500 Repayments/repurchases of debt (Note 10) (234) (955)

Net borrowings under accounts receivable financing (Note 9) 175 175 Borrowings under Revolving Credit Facility (Note 10) 1,300 1,075 Repayments under Revolving Credit Facility (Note 10) (1,300) (1,425)

Share repurchases (Note 12) (175)

Dividends paid to stockholders (Note 12) (219) (198)

Debt tender offer and other financing fees (Note 10) (13) (17)

Other, net (5) (3)

Cash provided by (used in) financing activities 1,279 (1,348) 2

Table of Contents VISTRA CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions of Dollars)

Nine Months Ended September 30, 2021 2020 Net change in cash, cash equivalents and restricted cash (57) 75 Cash, cash equivalents and restricted cash beginning balance 444 475 Cash, cash equivalents and restricted cash ending balance $ 387 $ 550 See Notes to the Condensed Consolidated Financial Statements.

VISTRA CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Millions of Dollars)

September 30, December 31, 2021 2020 ASSETS Current assets:

Cash and cash equivalents $ 351 $ 406 Restricted cash (Note 17) 22 19 Trade accounts receivable net (Note 17) 1,529 1,279 Income taxes receivable 7 Inventories (Note 17) 471 515 Commodity and other derivative contractual assets (Note 14) 4,187 748 Margin deposits related to commodity contracts 1,048 257 Prepaid expense and other current assets 231 205 Total current assets 7,846 3,429 Restricted cash (Note 17) 14 19 Investments (Note 17) 1,915 1,759 Property, plant and equipment net (Note 17) 13,100 13,499 Operating lease right-of-use assets 35 45 Goodwill (Note 5) 2,583 2,583 Identifiable intangible assets net (Note 5) 2,229 2,446 Commodity and other derivative contractual assets (Note 14) 454 258 Accumulated deferred income taxes 1,421 838 Other noncurrent assets 335 332 Total assets $ 29,932 $ 25,208 LIABILITIES AND EQUITY Current liabilities:

Accounts receivable financing (Note 9) 475 300 Long-term debt due currently (Note 10) 382 95 Trade accounts payable 1,172 880 Commodity and other derivative contractual liabilities (Note 14) 4,948 789 Margin deposits related to commodity contracts 57 33 Accrued income taxes 16 Accrued taxes other than income 163 210 Accrued interest 76 131 Asset retirement obligations (Note 17) 110 103 Operating lease liabilities 5 8 Other current liabilities 534 471 Total current liabilities 7,922 3,036 3