Vistra Corp. (VST) clears 10,566 MW in PJM 2027/2028 capacity auction

Rhea-AI Filing Summary

Vistra Corp. reported results from the PJM capacity auction for planning year 2027/2028, clearing about 10,566 MW at a weighted average price of $333.44 per megawatt-day. This is the amount of generation capacity that PJM will rely on from Vistra in that future period in return for capacity payments at the auction price.

The cleared capacity is spread across multiple PJM zones, including RTO, COMED, DEOK, EMAAC, MAAC, ATSI, and DOM, each at the same clearing price of $333.44 per megawatt-day. These forward capacity commitments help underpin future revenue associated with keeping Vistra’s natural gas, nuclear, coal, solar, and battery assets available to support grid reliability.

Insights

Power markets and utilities analyst

PJM auction clears 10,566 MW for Vistra at $333.44/MW-day, anchoring future capacity revenues.

The PJM capacity auction for planning year 2027/2028 cleared about 10,566 MW of Vistra capacity at a weighted average price of $333.44 per megawatt-day. Capacity payments compensate generators for being available to supply power in the future, separate from the energy they actually sell into the market.

All listed PJM zones, including RTO, COMED, DEOK, EMAAC, MAAC, ATSI, and DOM, cleared at the same $333.44 per megawatt-day, simplifying the price structure across Vistra’s portfolio for that planning year. The mix of zones shows geographic diversification of its PJM exposure, which can matter for congestion, reliability needs, and regulatory environments.

These auction results help define a future revenue stream tied to Vistra’s committed capacity for 2027/2028, though actual financial outcomes will still depend on operating performance, plant availability, and broader power market conditions during that period.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 17, 2025

VISTRA CORP.

(Exact name of registrant as specified in its charter)

Delaware		001-38086		36-4833255
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(I.R.S. Employer Identification No.)

6555 Sierra Drive Irving, TX		75039
(Address of principal executive offices)		(Zip Code)

(214) 812-4600

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.l4a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
Common stock, par value $0.01 per share		VST		New York Stock Exchange
Indicate by check
				NYSE Texas

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01. Other Events

On December 17, 2025, Vistra Corp. (the “Company” or “Vistra”) received its results from the PJM Capacity Auction for planning year 2027/2028. The company cleared a total of approximately 10,566 megawatts (MW) in the auction at a weighted average clearing price of $333.44 per megawatt-day.

The table below lists Vistra’s cleared capacity and associated clearing price for the 2027/2028 capacity auction by zone.

Zone		Clearing Price ($/MW-d)				Total MWs Cleared
RTO		$	333.44				3,975.5
COMED		$	333.44				1,123.6
DEOK		$	333.44				939.0
EMAAC		$	333.44				1717.7
MAAC		$	333.44				561.3
ATSI		$	333.44				2,036.1
DOM		$	333.44				212.9
Total		$	333.44				10,566.1

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, including potential large load center opportunities (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 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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				Vistra Corp.
Dated: December 17, 2025				/s/ Kristopher E. Moldovan
				Name:		Kristopher E. Moldovan
				Title:		Executive Vice President and Chief Financial Officer

FAQ

What PJM capacity did Vistra Corp. (VST) clear for the 2027/2028 planning year?

Vistra cleared a total of about 10,566 megawatts (MW) of capacity in the PJM capacity auction for the 2027/2028 planning year.

What clearing price did Vistra Corp. (VST) receive in the PJM 2027/2028 capacity auction?

Vistra reports a weighted average PJM capacity auction clearing price of $333.44 per megawatt-day for the 2027/2028 planning year.

How is Vistra Corp.’s PJM capacity spread across zones for 2027/2028?

Vistra’s cleared capacity is allocated across several PJM zones, including RTO, COMED, DEOK, EMAAC, MAAC, ATSI, and DOM, all at the same clearing price of $333.44/MW-day.

Why are PJM capacity auction results important for Vistra Corp. (VST)?

Capacity auction results help define a future revenue stream for Vistra by specifying how much it will be paid per megawatt-day to keep its generation assets available for reliability in the 2027/2028 planning year.

What types of generation assets support Vistra Corp.’s capacity in PJM?

Vistra operates a diverse power generation fleet, including natural gas, nuclear, coal, solar, and battery energy storage facilities that support its capacity commitments.