Vistra

On April 29, 2014, Energy Future Holdings Corp. (EFH Corp.) and most of its direct and indirect subsidiaries filed voluntary petitions under Chapter 11. On October 3, 2016, the effective date, the TCEH debtors and certain EFH debtors completed their reorganization, and Vistra Energy separated from EFH Corp. in a tax-free spin-off, with TCEH as its predecessor.⁠[1]

In November 2016, TCEH Corp. announced a change in branding to Vistra Energy. Its Luminant subsidiary generates and sells electricity, TXU Energy sells retail electricity and value-added services, and the company retained TCEH’s management team, including CEO Curt Morgan.⁠[2]

On May 4, 2017, Vistra Energy announced that its common stock was expected to begin trading on the New York Stock Exchange under the symbol VST on May 10, with trading on the OTCQX U.S. market continuing until the close on May 9. CEO Curt Morgan called the move “an important milestone.”⁠[3]

On April 9, 2018, Vistra Energy completed its merger with Dynegy Inc., under which Dynegy shareholders received 0.652 shares of Vistra Energy common stock for each Dynegy share. The combined company owned about 40,000 MW of installed generation capacity and served about 2.7 million residential customers in five top retail states, with its stock continuing to trade on the NYSE as VST and Curt Morgan as president and CEO.⁠[4]

On February 26, 2021, Vistra estimated a one-time adverse impact of about USD 900 million to 1.3 billion from the February Texas winter storm, mainly because some plants could not receive a steady fuel supply and because it had to buy power in ERCOT at or near the price cap. It said it could not reaffirm or adjust its 2021 guidance.⁠[5]

On March 21, 2022, Vistra announced that president and chief financial officer Jim Burke would become chief executive officer effective August 1, with Curt Morgan remaining CEO through the summer for a transition period. Burke had been chief operating officer from 2016 until December 2020 and earlier served as CEO of TXU Energy.⁠[6]

On March 6, 2023, Vistra agreed to acquire Energy Harbor, adding about 4,000 MW of nuclear capacity and about 1 million retail customers. The consideration was USD 3 billion in cash and a 15% equity interest in the new subsidiary Vistra Vision for Avenue Capital Group and Nuveen, with Vistra retaining 85%.⁠[7]

On March 1, 2024, Vistra completed the acquisition after receiving all required regulatory approvals and began operating four nuclear plants totaling more than 6,400 MW across ERCOT and PJM. Vistra Vision combined its nuclear fleet, retail business and operating renewables and energy storage projects. Jim Burke said, “We now own the second-largest competitive nuclear fleet in the U.S.”⁠[8]

On May 3, 2024, S&P Dow Jones IndicesS&P Dow Jones IndicesS&P Dow Jones Indices (S&P DJI) is a global index provider that compiles and licenses benchmark indices including the S&P 500 and the Dow Jones Industrial Average. It was formed in 2012 by combining McGraw-Hill’s S&P index business with the Dow Jones Indexes business held by a joint venture of CME Group and Dow Jones, and it is now the index business division of S&P Global, which holds about 73% of the interest.Open the full entry announced that Vistra would join the S&P 500S&P 500The S&P 500 is a U.S. large-cap equity index compiled by S&P Dow Jones Indices. It includes 500 leading companies, covers about 80% of available market capitalization and is described by S&P DJI as “widely regarded as the best single gauge of large-cap U.S. equities.”Open the full entry effective prior to the open of trading on Wednesday, May 8, replacing Pioneer Natural Resources, whose acquisition by Exxon MobilExxonMobilExxonMobil is a U.S. integrated energy and petrochemical company whose business covers oil and gas exploration and production, fuels and chemicals manufacturing, and lower-emission technologies such as carbon capture. The group was formed by the 1999 merger of Exxon and Mobil, and after a 2026 reorganization its listed parent company is ExxonMobil Holdings Corporation.Open the full entry closed that day. Its GICS sector is Utilities.⁠[9]

On September 18, 2024, Vistra agreed to buy the combined 15% equity interest in Vistra Vision held by affiliates of Nuveen Asset Management and Avenue Capital Management II for an undiscounted USD 3.248 billion in cash, payable in five installments through December 31, 2026. The deal required no regulatory approvals and was expected to close on December 31, 2024.⁠[10]

In September 2025, Vistra announced a 20-year power purchase agreement with an undisclosed customer for 1,200 MW from the Comanche Peak nuclear plant in Texas, with an option to extend for up to 20 more years, deliveries starting in late 2027 and full capacity by 2032. Vistra cited “the emergence of large data centers” as one driver of demand.⁠[11]

The customer was later named as Amazon Web Services (AWS).⁠[12][13]

In 2025, Vistra had operating revenues of USD 17.738 billion, GAAP net income of USD 944 million and Ongoing Operations Adjusted EBITDA of USD 5.912 billion. It closed a 2,600 MW acquisition from Lotus Infrastructure Partners in November 2025 and began building two natural gas units totaling 860 MW at its Permian Basin plant.⁠[13]

As of December 31, 2025, Vistra had about 6,390 full-time employees and about 44,000 MW of generation capacity, about 62% of it natural gas, and served about 5 million retail customers.⁠[14]

In January 2026, Vistra agreed to acquire Cogentrix Energy from Quantum Capital Group, comprising 10 natural gas generation facilities totaling about 5,500 MW. The consideration consisted of USD 2.3 billion in cash, USD 900 million in Vistra stock and USD 1.5 billion of assumed debt, partly offset by expected tax benefits of about USD 700 million, with closing expected in mid to late 2026.⁠[15]

On January 9, 2026, Vistra and Meta announced 20-year power purchase agreements totaling 2,609 MW, including 2,176 MW from the operating Perry and Davis-Besse nuclear plants in Ohio and 433 MW from uprates at those plants and Beaver Valley. Vistra said it would plan subsequent 20-year license renewals for all three plants.⁠[16]

Delivery of Perry’s operating capacity was expected to begin in December 2026 and Davis-Besse’s in December 2027, with the uprates coming online from 2031 and all completed by 2034.⁠[12]

On June 10, 2026, KKRKKRKKR (Kohlberg Kravis Roberts) is an investment firm engaged in alternative asset management, capital markets services, and insurance. Jerome Kohlberg, Henry Kravis, and George Roberts co-founded the firm in 1976. Its managed funds invest in private equity, credit, and real assets, and its subsidiary Global Atlantic operates retirement, life insurance, and reinsurance businesses. KKR listed on the New York Stock Exchange in 2010 under the ticker KKR.Open the full entry launched Helix Digital Infrastructure, a new company to deliver integrated data center, power and connectivity infrastructure for hyperscalers, with more than USD 10 billion in long-duration capital commitments. The Kuwait Investment Authority, NVIDIANVIDIANVIDIA is an American semiconductor and computing technology company that provides graphics processing units, artificial intelligence infrastructure, networking interconnects, and computing software, and is listed on Nasdaq under the ticker NVDA.Open the full entry and Vistra joined as founding investors, with Vistra as “the preferred power provider for Helix investments.”⁠[17]

In the second quarter of 2026, Vistra had operating revenues of USD 4.017 billion, GAAP net income of USD 305 million, including a USD 472 million unrealized hedging loss, and Ongoing Operations Adjusted EBITDA of USD 1.767 billion. The pending Cogentrix acquisition had received Federal Energy Regulatory Commission approval, and Vistra’s initial commitment to Helix was up to USD 1.0 billion.⁠[18]