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Vistra (VST)

A Texas-based power producer and retailer with 20-year nuclear supply contracts for Meta and Amazon and a conditional federal loan for uprates.

Updated

Information and analysis only, not a recommendation to buy, sell or hold any security. The author may own securities discussed.

Researched and drafted with AI agents. Every figure is taken from a source cited on the page.

Analysis and information

What it does

Vistra, based in Irving, Texas, is an integrated retail electricity and power generation company. Its fleet includes natural gas, nuclear, coal, solar and battery storage. It serves customers from California to Maine.

Role in the theme

In Power for data centers, Vistra supplies nuclear power to hyperscalers under 20-year contracts. Meta will take 2,609 MW from its Perry, Davis-Besse and Beaver Valley plants in PJM, including 433 MW from uprates. Amazon will take 1,200 MW from Comanche Peak in Texas, with deliveries scheduled to start in 2027.

Latest

  • 2026-10-15: announced the redemption of all $1.0 billion of its 8.0% Series A preferred stock, at $1,000 per share.
  • 2026-10-05: the Department of Energy (DOE) offered a conditional loan commitment of up to $4.2 billion for uprates and modernization at Beaver Valley, Davis-Besse and Perry. The work adds 433 MW. It includes an option to fund future uprates at Comanche Peak. Vistra must meet conditions before DOE funds the loan.
  • 2026-09-24: completed a $1.5 billion offering of junior subordinated notes due 2057: $850 million at 7.000% and $650 million at 7.250%.
  • 2026-08-07, Q2 results: net income of $305 million. Ongoing operations adjusted EBITDA of $1,767 million, up more than 30%. It reaffirmed 2026 adjusted EBITDA guidance of $6.8-7.6 billion. It announced Helix Digital Infrastructure with KKR, the Kuwait Investment Authority and NVIDIA, with an initial Vistra commitment of up to $1.0 billion. FERC approved its pending purchase of Cogentrix, about 5,500 MW of gas plants.
  • 2026-08-07, Q2 call: executives said they support a pause on Texas data-center development while ERCOT audits its connection queue. They said they did not expect it to affect the Comanche Peak deal with Amazon (reported 2026-08-10).

What to watch

  • Q3 results on 2026-11-06.
  • Closing of the Cogentrix purchase.
  • Whether DOE's conditional loan becomes a final agreement.
  • ERCOT's audit findings on Texas data-center connections, expected in early December.
  • The start of Comanche Peak deliveries to Amazon, scheduled for 2027.

Covered in

Sources

Primary means the publisher of the data or the filing; secondary means press or an aggregator.