Yahoo Finance Vistra (VST) Brings Emerald Grove Solar Facility Online
Vistra Corporation VST announced that its 108-megawatt (MW) Emerald Grove Solar Facility in Crane County, TX is now online. The Emerald Grove Solar Facility is the third of the seven new renewable and energy storage projects that Vistra plans to bring online in the next few years across Texas. The latest addition is part of the Vistra Zero projects, a portfolio of zero-carbon power generation assets.
The Emerald Grove Solar Facility uses solar panel technology from First Solar and Mortenson-provided engineering and construction expertise.
Other Vistra Zero projects that have come online this spring include the 50 MW Brightside Solar Facility in Live Oak County, TX and the 260 MW DeCordova Energy Storage Facility in Hood County, TX. Vistra plans to grow its zero-carbon fleet to more than 7,300 MW by 2026.
Vistra is taking significant measures to lower carbon emissions and advance its transformation via the planned retirements of coal plants and investments in solar and batteries. Hence, the Emerald Grove Solar Facility is an important step in transitioning VST’s fleet to cleaner electric generation and achieving its long-term goal of net-zero carbon emissions by 2050. Vistra is also targeting to achieve a 60% reduction in Scope 1 and Scope 2 carbon emissions by 2030 from the 2010 baseline. It also expects to retire 8,000 MW of fossil-fueled power plants by 2027.
Zacks Rank & Price Performance
Currently, Vistra sports a Zacks Rank #1 (Strong Buy). In the past three months, shares of VST have rallied 20.5% compared with the industry’s 5.8% growth. You can see the complete list of today’s Zacks #1 Rank stocks here.
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Other Utilities Lowering Emission
Electric utilities are adopting measures to develop and provide clean and reliable energy for their customers and achieve carbon neutrality. Duke Energy DUK, Xcel Energy XEL and Alliant Energy LNT, among others, have already pledged to achieve carbon neutrality over the long run.
Duke Energy has taken an initiative to expand the renewable asset base and aims to reach its target of net-zero carbon emissions from electric generation by 2050. The company already lowered its carbon emissions in 2021 by more than 44% since 2005 and is now expanding its 2050 net-zero goals to include Scope 2 and certain Scope 3 emissions.
Duke Energy’s long-term (three to five years) earnings growth is currently pegged at 6.1%. The Zacks Consensus Estimate for DUK’s 2022 earnings implies year-over-year growth of 4.4%.
Xcel Energy is focusing on a clean energy transition. The addition of new clean energy projects to the generation portfolio and the closing of old coal-fired production units will assist the company in achieving its net-zero emission target set for 2050.
Xcel Energy’s long-term earnings growth is currently pegged at 6.4%. The Zacks Consensus Estimate for XEL’s 2022 earnings implies year-over-year growth of 6.8%.
Alliant Energy is making strong progress with its clean energy initiatives and lowering carbon dioxide emissions. The company announced the voluntary goal of retiring all the existing coal-fired generation units by 2040 to lower emissions from the 2005 levels by 50% and 100% by 2030 and 2050, respectively. In total, the company will replace 1.6 gigawatts of coal-fired generation with clean energy sources over the 2020-2025 period.
Alliant Energy’s long-term earnings growth is currently pegged at 5.7%. The Zacks Consensus Estimate for LNT’s 2022 earnings implies year-over-year growth of 4.6%.
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