Vistra Corp. (VST) is a premier independent power producer (IPP) and retail electricity provider operating across 18 states and D.C., serving approximately 5 million residential, commercial, and industrial customers.

Scale advantage in competitive power markets (ERCOT and PJM) with a balanced model combining stable retail cash flows and dispatchable generation assets secured by long-term nuclear and gas PPAs.

• Cogentrix Acquisition: Advancing toward a 2H 2026 close for the 5,500 MW natural gas portfolio, expanding dispatchable footprint in key growth regions.
• Helix Digital Infrastructure Venture: Launched a major strategic partnership in June 2026 alongside KKR, NVIDIA, and the Kuwait Investment Authority with $10B+ in capital, designating VST as the preferred power provider.
• Nuclear PPA Execution: Securing ~3.8 GW of 20-year nuclear PPAs with AWS and Meta, de-risking long-term earnings and providing structural cash flow stability.
• PJM Capacity Clearing: Cleared ~10,924 MW in PJM's 2028/2029 BRA at $325/MW-day, establishing a strong earnings baseline.

• PJM Regulatory & Market Dynamics: Navigating evolving FERC rules, co-location frameworks, and BRA price auction volatility.
• Integration Execution: Successfully closing and integrating the Cogentrix fleet while scaling new infrastructure ventures.
• Macro / AI Demand Volatility: Sensitivity to power price swings and shifts in tech sector demand trajectories.