Vistra Corp. (VST)

Vistra is an integrated retail electricity and power generation company that combines customer-centric retail sales with diverse and efficient power generation across 20 states and the District of Columbia, including all major competitive wholesale power markets in the U.S. The company serves approximately 4 million residential, commercial, and industrial customers with electricity and natural gas, with its largest retail presence in Texas, where it serves approximately 2.5 million customers. Retail operations are conducted primarily under the TXU Energy, Ambit Energy, Dynegy Energy Services, Homefield Energy, and U.S. Gas & Electric brands, offering traditional electricity and gas service alongside green products such as 100% wind and solar options, smart thermostats, and energy efficiency programs. Vistra operates through six reportable segments: Retail, Texas, East, West, Sunset, and Asset Closure, with the generation segments (Texas, East, West, and Sunset) encompassing its power plants and the Asset Closure segment handling decommissioning and reclamation of retired plants and mines.

As the largest competitive power generator in the U.S. by MWh, Vistra's approximately 37,000 MW generation fleet is fueled by a diversified mix of natural gas (66% of capacity), coal (23%), nuclear (7%), and renewables including solar and battery storage (4%), with natural gas plants comprising combined-cycle and peaking facilities, coal/lignite plants supplied via rail, barge, or company-owned mining, and two nuclear units at the Comanche Peak plant in ERCOT. The company's generation assets are distributed across major U.S. wholesale power markets including ERCOT, PJM, ISO-NE, NYISO, CAISO, and MISO, and its wholesale commodity risk management group optimizes dispatch of the generation fleet, manages fuel procurement, and uses derivative contracts to mitigate commodity price volatility, integrating generation output with retail and wholesale sales needs. Vistra competes with regulated utilities, independent power producers, retail electric providers, and other energy marketers based on price, reliability, and market access, and its strategic priorities include leveraging its integrated business model for stable earnings, pursuing a responsible energy transition toward lower-carbon generation, returning capital to shareholders through dividends and share repurchases, and maintaining a strong balance sheet; as of December 31, 2023, the company employed approximately 4,870 full-time employees, including about 1,200 under collective bargaining agreements.