Vistra Marks Next Step in Acquisition of Gas Generation Fleet with Approval from the Federal Energy Regulatory Commission

Rhea-AI Summary

Vistra (NYSE: VST) received FERC approval on October 2, 2025 for its purchase of subsidiaries owning seven natural gas generation facilities from Lotus Infrastructure Partners. The deal would add approximately 2,600 megawatts—five combined-cycle gas turbine plants and two combustion turbine plants—to Vistra's generation mix across PJM, New England, New York, and California. Vistra also announced the prior expiration of the HSR Act waiting period. The transaction is on track to close this quarter or Q1 2026 but remains subject to New York Public Service Commission approval and customary closing conditions.

Positive

• Adds ~2,600 MW generation capacity
• Seven facilities: five combined-cycle, two combustion turbine
• FERC approval received on October 2, 2025; HSR period expired
• Expands footprint across PJM, New England, New York, California

Negative

• NYPSC approval still required before closing
• Closing timing uncertain: this quarter or Q1 2026

IRVING, Texas, Oct. 2, 2025 /PRNewswire/ -- Vistra (NYSE: VST) today announced it has received regulatory approval from the Federal Energy Regulatory Commission (FERC) for its previously announced acquisition of certain subsidiaries owning seven modern natural gas generation facilities from Lotus Infrastructure Partners. The transaction remains on track to close this quarter or Q1 2026.

The acquisition, first announced in May, would add approximately 2,600 megawatts of capacity from five combined-cycle gas turbine plants and two combustion turbine plants to Vistra's diverse generation portfolio. Located across PJM, New England, New York, and California, these facilities broaden Vistra's geographic footprint and strengthen its ability to reliably serve customers.

Vistra received FERC approval on October 2 and also announced today the prior expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR). The transaction remains subject to approval by the New York Public Service Commission and other customary closing conditions. 

About Vistra
Vistra (NYSE: VST) is a leading Fortune 500 integrated retail electricity and power generation company based in Irving, Texas, that provides essential resources to customers, businesses, and communities from California to Maine. Vistra is a leader in transforming the energy landscape, with an unyielding focus on reliability, affordability, and sustainability. The company safely operates a reliable, efficient power generation fleet of natural gas, nuclear, coal, solar, and battery energy storage facilities while taking an innovative, customer-centric approach to its retail business. Learn more at vistracorp.com.

Cautionary Note Regarding Forward-Looking Statements
The information presented herein includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Vistra operates and beliefs of and assumptions made by Vistra's management, involve risks and uncertainties, which are difficult to predict and are not guarantees of future performance, that could significantly affect the financial results of Vistra. All statements, other than statements of historical facts, that are presented herein, or in response to questions or otherwise, that address activities, events or developments that may occur in the future, including such matters as activities related to our financial or operational projections including financial condition and cash flows, projected synergy, net debt targets, capital allocation, capital expenditures, liquidity, projected Adjusted EBITDA to free cash flow conversion rate, dividend policy, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of power generation assets, market and industry developments and the growth of our businesses and operations (often, but not always, through the use of words or phrases, or the negative variations of those words or other comparable words of a future or forward-looking nature, including, but not limited to: "intends," "plans," "will likely," "unlikely," "believe," "confident", "expect," "seek," "anticipate," "estimate," "continue," "will," "shall," "should," "could," "may," "might," "predict," "project," "forecast," "target," "potential," "goal," "objective," "guidance" and "outlook"), are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Although Vistra believes that in making any such forward-looking statement, Vistra's expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and risks that could cause results to differ materially from those projected in or implied by any such forward-looking statement, including, but not limited to: (i) adverse changes in general economic or market conditions (including changes in interest rates) or changes in political conditions or federal or state laws and regulations; (ii) the ability of Vistra to execute upon its contemplated strategic, capital allocation, performance, and cost-saving initiatives, and to successfully integrate acquired businesses; (iii) actions by credit ratings agencies; (iv) the severity, magnitude and duration of extreme weather events, contingencies and uncertainties relating thereto, most of which are difficult to predict and many of which are beyond our control, and the resulting effects on our results of operations, financial condition and cash flows; and (v) those additional risks and factors discussed in reports filed with the Securities and Exchange Commission by Vistra from time to time, including the uncertainties and risks discussed in the sections entitled "Risk Factors" and "Forward-Looking Statements" in Vistra's annual report on Form 10-K for the year ended December 31, 2024 and any subsequently filed quarterly reports on Form 10-Q.

Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, Vistra will not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of them; nor can Vistra assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.

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SOURCE Vistra Corp

FAQ

What did Vistra (VST) announce on October 2, 2025 about the gas fleet acquisition?

Vistra announced FERC approval for acquiring seven gas plants from Lotus, adding ~2,600 MW.

When is the Vistra (VST) Lotus acquisition expected to close?

The transaction is on track to close this quarter or Q1 2026, subject to remaining approvals.

Which approvals remain for Vistra's (VST) gas generation deal after FERC clearance?

The deal still requires approval by the New York Public Service Commission and customary closing conditions.

How many and what types of plants will Vistra (VST) acquire from Lotus?

Vistra will acquire seven facilities: five combined-cycle gas turbine plants and two combustion turbine plants.

How will the acquisition affect Vistra's (VST) geographic footprint?

The acquisition broadens Vistra's footprint across PJM, New England, New York, and California.