Could you share a little on your new position responsibilities and background?
I assumed the duties of Vistra Energy president and chief executive officer effective in October of 2016, having the good fortune of being on the ground since June of 2016 in support of the first lien creditors who eventually became the stockholders of Vistra upon emergence from bankruptcy.
I have worked in the energy industry for 35 years and specifically in the electric power business for the past 20.I was attracted to Vistra Energy primarily because of TXU Energy, our retail electric provider, and the integrated operations of TXU Energy and Luminant, our power generating company. Pairing a retail electric provider of TXU Energy's size and brand quality with the diverse portfolio of generation assets owned by Luminant provides for a truly unique and valuable operating model. The integrated nature of our business mitigates the extreme volatility inherent in the standalone wholesale and retail markets and makes for a more stable, attractive investment.
I see my primary roles as the president and CEO of Vistra as providing overall vision and leadership, defining and driving culture, guiding the governance processes, developing our leadership team, and holding our organization accountable for superior business results and to its core principles.
How would you describe the current industry environment around Energy; production, distribution and retail?
The current wholesale electricity markets, with an emphasis on power generation, are certainly challenged. While ERCOT, where we exclusively operate today, is one of the few electricity markets experiencing year-over-year load growth, we also have seen increased investment in renewable and natural gas fueled generation in recent years leading to an oversupplied wholesale electric power market. This new investment, along with lower power generation fuel costs, has resulted in wholesale power prices at their historic lows. The power generation business is cyclical and right now we are in the midst of a trough in the market. On the retail side, we continue to be excited about the opportunity to create value through the innovative products and services we offer our customers. TXU Energy continues to be a first-mover when it comes to introducing cutting edge retail electricity products to the market, and through our steadfast focus on customer service, coupled with our brand promise of being a stable, reliable, "no...