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Shar Pereza

Managing Director and Senior Analyst at Wells Fargo

Shar Pourreza is a Managing Director and Senior Analyst at Guggenheim Partners, focusing on electric utilities, energy infrastructure, and regulated sectors. He covers major companies such as The Southern Company, producing highly ranked research frequently cited across industry platforms. Pourreza has cultivated a strong track record of forecasting and analysis since beginning his sell-side analyst career in the early 2000s, with previous roles at institutions like Citi and KeyBanc before joining Guggenheim in 2015. He holds FINRA registrations and securities licenses including the Series 7, 63, 86, and 87, and is recognized among the leading US equity research analysts in his coverage area.

Shar Pereza's questions to Vistra (VST) leadership

Question · Q3 2025

Shar Pereza asked about Vistra's 2027 opportunities, what's currently embedded in the guidance range, and potential levers to improve performance, including market volatility, forward curves, and strategic dry powder. Shar also inquired about contracting opportunities, specifically the trend towards front-of-the-meter deals for the Eastern fleet like Beaver Valley, and whether pricing is converging between front and behind-the-meter solutions.

Answer

Jim Burke, President and CEO, Vistra Corp, explained that the 2027 outlook includes an open position with a 70% hedge percentage, offering exposure to market strengthening. He noted that strategic contracts are not yet embedded but represent upside, and the company aims to trend upwards as the delivery year approaches. Regarding contracting, Mr. Burke stated that all options (co-located, front-of-the-meter, bridge power) remain on the table, with customers seeking grid connections for long-term reliability. He emphasized that each deal has unique characteristics based on customer goals (sustainability, speed, preferred markets) and that there is currently excess capacity in ERCOT and PJM for non-super peak hours, with customers bringing solutions for super peak. He concluded that no single trend is dominating customer preferences.

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