Vistra, the US-based electric and power company, has plans to write off $400 million for the battery energy storage system (BESS) facility which burnt down in Moss Landing.
The amount represents the facilities remaining net book value after depreciation for the first quarter of 2025.
The facility, which housed a 300MW BESS, was located on a site with two other BESS facilities and a gas plant with an alleged aggregate book value of $1 billion.
The gas plant is still in operation, although the two BESS projects are offline until further investigation has been done.
The organisation has said it will continue to investigate if a triggering event occurred to evaluate any impairment for other complex assets on site.
The SEC filing also states that the cause and impacts of the fire are still under investigation by the company.
Vistra said it has lost revenue from the facilities being offline as well as potential litigation costs and penalties under contracts.
The report said: “We expect to recover a significant portion of the direct losses incurred from each event through property damage insurance and business interruption insurance. However, given uncertainty in timing of recoveries and potential indirect impacts to other facilities, we cannot predict the net impact these events will have on our results of operations for 2025.”
