Vistra Corp. operates as an integrated retail electricity and power generation company primarily in the U.S. markets. The company engages in competitive energy market activities, including electricity generation, wholesale energy sales and purchases, commodity risk management, and retail sales of electricity and natural gas to end users . Vistra's operations are divided into six reportable business segments: Retail, Texas, East, West, Sunset, and Asset Closure . The company provides electricity and natural gas to approximately 4 million residential, commercial, and industrial customers across 20 states and the District of Columbia .
- Retail - Provides electricity and natural gas to approximately 4 million residential, commercial, and industrial customers across 20 states and the District of Columbia through brands such as TXU Energy, Ambit Energy, Dynegy Energy Services, Homefield Energy, and U.S. Gas & Electric .
- Texas - Focuses on electricity generation operations in the ERCOT market .
- East - Covers operations in the Eastern Interconnection of the U.S. electric grid, including PJM, ISO-NE, and NYISO markets .
- West - Engages in electricity generation and related activities in the western U.S. markets .
- Sunset - Manages plants with announced retirement dates .
- Asset Closure - Involves the decommissioning of retired plants and mines .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Carrie Lee Kirby Executive | EVP and Chief Administrative Officer | Chair Emeritus: Teaching Trust; Member: Patient Advocacy Committee for Presbyterian Hospital of Dallas, Women’s Business Council Southwest | Leads HR and administrative functions; joined Vistra in 2016; previously EVP of HR at TXU Energy. | |
James A. Burke Executive | President and Chief Executive Officer | Board Member: Nuclear Energy Institute, United Way Foundation of Metropolitan Dallas, Ursuline Academy of Dallas, Dallas Citizens Council; Advisory Board Member: Tulane University Energy Institute | CEO since August 2022; previously President and CFO; extensive experience in energy and consulting sectors. | View Report → |
Kristopher E. Moldovan Executive | Executive Vice President and Chief Financial Officer | None | CFO since August 2022; joined Vistra in 2006; previously SVP and Treasurer; expertise in finance, legal advisory, and corporate strategy. | |
Scott A. Hudson Executive | EVP and President of Vistra Retail | Board Member: United Way of Metropolitan Dallas, Dallas Regional Chamber, Dallas Children’s Theatre | Oversees retail electricity brands; joined Vistra in 2016; previously President of TXU Energy. | |
Stacey Doré Executive | EVP, Chief Strategy & Sustainability Officer, EVP of Public Affairs | Board Member: Williams (Audit and Governance Committees), Texas Women’s Foundation, North Texas Chapter of NACD; Member: United Way Women of Tocqueville, Dallas Assembly, International Women’s Forum | Leads strategy, sustainability, and public affairs; previously CEO of Hunt Utility Services; extensive leadership in energy and infrastructure. | |
Stephanie Zapata Moore Executive | EVP, General Counsel, and Chief Compliance Officer | Chair: Girls Inc. of Metropolitan Dallas | Oversees legal and compliance matters; joined Vistra in 2005; previously General Counsel of Luminant. | |
Arcilia C. Acosta Board | Director | CEO: CARCON Industries and Construction, Southwestern Testing Laboratories; Board Member: Magnolia Oil and Gas, Veritex Holdings; Chairman: Dallas Citizens Council; Regent: Texas Tech University | CEO of CARCON Industries; extensive leadership in construction and engineering; active in civic and corporate boards. | |
Gavin R. Baiera Board | Director | Senior Managing Director: Centerbridge Partners; CEO: Overland Advantage; Board Member: MACH Gen, Orbitz Worldwide, Travelport Worldwide | Partner at Centerbridge Partners; expertise in corporate finance and strategic planning. | |
Hilary E. Ackermann Board | Director, Chair of Sustainability & Risk Committee | Board Member: Hartford Series Fund, Hartford HLS Series Fund II, Hartford Mutual Funds, Hartford Mutual Funds II | Former Chief Risk Officer at Goldman Sachs Bank USA; expertise in risk management and sustainability. | |
John R. Sult Board | Director, Chair of Audit Committee | Board Member: Sitio Royalties Corp.; Advisory Board Member: Boys and Girls Country of Houston | Former CFO and audit partner; expertise in accounting, finance, and governance. | |
John W. (Bill) Pitesa Board | Director, Chair of Nuclear Oversight Committee | None | Former Chief Nuclear Officer at Duke Energy; extensive experience in nuclear operations and oversight. | |
Julie A. Lagacy Board | Director | Board Member: Nutrien Ltd., Illinois Cancer Care Charitable Foundation | Former Chief Sustainability and Strategy Officer at Caterpillar; expertise in sustainability, strategy, and finance. | |
Lisa Crutchfield Board | Director, Chair of Social Responsibility & Compensation Committee | Board Member: Fulton Financial Corporation, Fortis Inc.; Leadership Fellow: NACD | Former EVP at National Grid; expertise in regulatory, compliance, and sustainability. | |
Paul M. Barbas Board | Director, Chair of Nominating & Governance Committee | Volunteer: Scorton Creek Game Farm | Former executive in utility and energy companies; expertise in governance and management. | |
Rob Walters Board | Director | None | Former EVP and General Counsel at Energy Future Holdings; expertise in governance, restructuring, and policy. | |
Scott B. Helm Board | Chairman of the Board | Board Member: Chesapeake Shakespeare Company | Chairman since 2017; founding partner of Energy Capital Partners; extensive experience in energy infrastructure and finance. |
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Given the FERC's recent rejection of the amended interconnection service agreement for data center co-location at your Susquehanna nuclear plant, how do you plan to navigate regulatory hurdles to advance your co-location projects, and what alternative strategies are you considering?
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With your net leverage expected to move slightly above 3x following the acquisition of the Vistra Vision 15% minority interest, how confident are you in your ability to quickly deleverage while executing on significant capital return plans and growth projects?
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Considering the uncertainty in policy changes affecting new gas and coal builds, especially after the recent election results, how does Vistra plan to manage the risk of investing in long-term assets amid potential regulatory shifts?
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Despite significant load growth projections from data centers and other industries in ERCOT and PJM, what challenges do you foresee in capturing these opportunities, particularly in light of infrastructure constraints and competition from other regions?
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Given the elevated free cash flow yield and your commitment to share repurchases, how do you balance returning capital to shareholders with the need to invest in growth opportunities like data center partnerships and renewable projects?
Research analysts who have asked questions during Vistra earnings calls.
David Arcaro
Morgan Stanley
4 questions for VST
Agnieszka Storozynski
BofA Securities
3 questions for VST
Jeremy Tonet
JPMorgan Chase & Co.
3 questions for VST
Julien Dumoulin-Smith
Jefferies
3 questions for VST
Steven Fleishman
Wolfe Research
3 questions for VST
Durgesh Chopra
Evercore ISI
2 questions for VST
Shahriar Pourreza
Guggenheim Partners
2 questions for VST
Bill Appicelli
UBS
1 question for VST
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Energy Harbor Corp | 2024 | Completed on March 1, 2024, this acquisition involved merging Energy Harbor into Vistra Vision via a transaction that combined approximately $3.0 billion in cash with $3.333 billion in equity (totaling about $4.596 billion). The deal, approved by FERC on February 16, 2024, strategically added over 4,000 MW of nuclear capacity and approximately 1 million retail customers, integrating Energy Harbor’s nuclear and retail operations under an 85%-15% ownership structure. |
Recent press releases and 8-K filings for VST.
- Completed acquisition of seven modern natural gas generation facilities totaling 2,600 MW of capacity from Lotus Infrastructure Partners, following regulatory approvals.
- Expanded Vistra’s generation footprint in PJM, New England, New York, and California, enhancing its ability to deliver reliable, affordable, and flexible power.
- Transaction reflects Vistra’s disciplined, opportunistic growth strategy, focusing on returns, scale, and seamless asset integration.
- On October 10, 2025, Vistra Operations Company LLC issued $2 billion aggregate principal of senior secured notes: $750 million 4.300% due 2028, $500 million 4.600% due 2030 and $750 million 5.250% due 2035 in a Rule 144A/Reg S private placement.
- The notes are fully guaranteed by subsidiary guarantors and secured by a first-priority lien on substantially all assets (including stock of the Issuer and Subsidiary Guarantors), with collateral release upon obtaining an investment-grade rating on Vistra’s senior unsecured debt.
- Net proceeds of approximately $1.979 billion, after fees and expenses, will support refinancing of existing indebtedness, general corporate purposes (including funding the acquisition of Lotus Infrastructure Partners’ subsidiaries) and payment of offering-related costs.
- Issuance was effected under Vistra’s Base Indenture (dated June 11, 2019) as supplemented by the Twenty-First Supplemental Indenture (dated October 10, 2025), allowing for future additional notes issuance on identical terms.
- On October 1, 2025, Vistra Operations Company LLC executed the Ninth Amendment to its February 4, 2022 Credit Agreement, extending the Revolving Credit Maturity Date and updating certain borrowing and collateral provisions.
- The amendment restated Schedule 1.1(a) to set total revolving credit commitments of $1.75 billion distributed among major banks including Citibank, Bank of America and JPMorgan.
- All lenders party to the amendment waived any payments otherwise due under Section 2.11 of the Credit Agreement in connection with these changes.
- Vistra received FERC approval on October 2, 2025 for its acquisition of subsidiaries owning seven natural gas generation facilities from Lotus Infrastructure Partners.
- The deal adds approximately 2,600 MW of capacity from five combined‐cycle and two combustion turbine plants across PJM, New England, New York, and California.
- The transaction, announced in May 2025, remains on track to close this quarter or in Q1 2026, subject to New York PSC approval and other customary conditions.
- Vistra completed a private offering of $2 billion aggregate principal amount of senior secured notes in three tranches: $750 million due 2028, $500 million due 2030 and $750 million due 2035.
- The 2028 Notes bear interest at 4.300%, the 2030 Notes at 4.600% and the 2035 Notes at 5.250% per annum.
- The Notes are senior, secured obligations of Vistra Operations Company LLC, fully guaranteed by subsidiaries and secured by a first-priority lien on substantially all of the issuer’s and guarantors’ assets.
- Proceeds will support debt refinancing, general corporate purposes (including funding the Lotus Infrastructure Partners acquisition) and pay offering fees; closing is expected on October 10, 2025.
- Vistra launched a private offering of senior secured notes due 2028, 2030, and 2035 to qualified institutional buyers under Rule 144A and to certain non-U.S. persons under Regulation S.
- The Notes, obligations of Vistra Operations Company LLC and guaranteed by its subsidiaries, are secured by first-priority interests in the same collateral underpinning its Credit Agreement.
- Proceeds will refinance outstanding debt, fund general corporate purposes—including the acquisition of Lotus Infrastructure Partners subsidiaries—and cover offering fees and expenses.
- Collateral securing the Notes will be released if Vistra’s senior unsecured long-term debt attains investment-grade ratings from two of three agencies, subject to reversion upon downgrade.
- Vistra Corp. entered into a 20-year power purchase agreement (with options to extend for up to an additional 20 years) to supply 1,200 MW of carbon-free power from the Comanche Peak Nuclear Power Plant.
- The agreement is with a large, investment-grade customer.
- Power delivery is scheduled to begin in Q4 2027, ramping to full capacity by 2032.
- Based on forwards as of Aug. 29, 2025, and Vistra’s medium-term conversion assumptions, the PPA is expected to drive 8–10% incremental Adjusted Free Cash Flow before Growth accretion if full capacity is utilized.
- 860 MW expansion via two new gas units, tripling output from 325 MW to 1,185 MW at the Permian Basin plant
- Part of a plan to add over 2,000 MW of new capacity in Texas between 2024–2028 to meet rising demand from oil and gas industries and bolster ERCOT grid reliability
- Entered a 20-year PPA (with options for an additional 20 years) to supply 1,200 MW of carbon-free power from Comanche Peak Nuclear Plant, with deliveries starting Q4 2027 and ramping by 2032
- Committed nearly $2 billion to Texas projects since 2020, including upgrades and renewables, and plans over $1 billion more for grid infrastructure by 2028
- Vistra made a final investment decision to build two advanced natural gas units totaling 860 MW at its Permian Basin Power Plant, raising capacity from 325 MW to 1,185 MW.
- This expansion is part of a multi-year plan to add 2,000 MW of new capacity in the ERCOT market by 2028, building on 1,000 MW added since 2020.
- Concurrent Texas initiatives include 400 MW of gas-plant upgrades, a 200 MW Oak Hill solar project (operational Q4 2025), and 630 MW repowering of Coleto Creek, with total investment near $2 billion to add 3,100 MW since 2020.
- The TCW Transform Systems ETF, rated five stars by Morningstar, is focused on energy transformation and grid investment themes driven by geopolitical tensions and the shift to renewables.
- The fund has owned Vistra Corp for over two years, praising its capital allocation and diversified power generation portfolio, including the value-creative acquisition of nuclear operator Energy Harbor.
- Vistra benefits from doubled nuclear power prices and a robust natural gas fleet to address power shortages, with projected earnings above Street estimates and a reasonable valuation in the energy bottleneck theme.