New 20-year nuclear PPA boosts outlook for Vistra (NYSE: VST)

Rhea-AI Filing Summary

Vistra Corp. has entered into a 20-year power purchase agreement with a large investment-grade customer to supply 1,200 MW of carbon-free power from its Comanche Peak Nuclear Power Plant. The contract includes options to extend for up to an additional 20 years, providing very long-term visibility on nuclear generation sales.

Vistra anticipates power delivery to begin in the fourth quarter of 2027 and ramp up to the full 1,200 MW by 2032. Based on current power forwards, its previously communicated fiscal year 2026 Adjusted EBITDA expectations and its medium-term conversion ratio of Adjusted Free Cash Flow before Growth to Adjusted EBITDA, the company expects this agreement to increase Adjusted Free Cash Flow before Growth by approximately 8–10% if the customer ultimately uses the full contracted capacity.

Positive

• 20-year nuclear PPA with extension options secures long-term sales of 1,200 MW of carbon-free power from Comanche Peak with a large investment-grade customer, enhancing contracted revenue visibility.
• Projected 8–10% Adjusted Free Cash Flow before Growth accretion tied to existing Adjusted EBITDA and conversion assumptions, if the customer utilizes full capacity, indicates a potentially meaningful uplift to future cash generation once fully ramped.

Negative

• None.

Insights

Utility and Power Markets Analyst

Long-term nuclear PPA adds contracted cash flow and projected 8–10% FCF uplift.

Vistra has secured a 20-year power purchase agreement to sell 1,200 MW of carbon-free power from Comanche Peak Nuclear Power Plant to a large investment-grade customer, with options to extend for up to another 20 years. Deliveries are expected to start in the fourth quarter of 2027 and ramp to full capacity by 2032, effectively locking in a sizable portion of future nuclear output with a single counterparty.

The company ties this agreement to its existing outlook by referencing forwards as of Aug. 29, 2025, its previously communicated fiscal year 2026 Adjusted EBITDA midpoint, and its medium-term conversion ratio of Adjusted Free Cash Flow before Growth to Adjusted EBITDA. On that basis, Vistra expects incremental Adjusted Free Cash Flow before Growth accretion in the range of roughly 8–10% if the customer ultimately utilizes the full 1,200 MW. That suggests a meaningfully positive impact on cash generation once the contract is fully ramped, though timing and actual economics will depend on power prices and realized usage over the multi-year build-up.

The extensive forward-looking statement discussion underscores typical risks for a long-dated contract, including economic conditions, regulatory changes, integration of other acquisitions, credit ratings actions, and extreme weather events. Investors can look to future filings around and after the planned start of deliveries in the fourth quarter of 2027 for updates on contract execution, ramp progress toward full capacity by 2032, and how realized cash flows compare with this projected 8–10% accretion range.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Understanding 8-K Material Events →

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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): September 29, 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 September 29, 2025, Vistra Corp. (“Vistra” or the “Company”) announced that it has entered into a 20-year power purchase agreement (with options to extend for up to an additional 20 years) (the “PPA”) with a large, investment grade company (the “Customer”), pursuant to which the Company has agreed to supply to the Customer 1,200 MW of carbon-free power from the Comanche Peak Nuclear Power Plant. Vistra anticipates power delivery to begin in the fourth quarter of 2027 and ramp to full capacity by 2032. Assuming forwards as of Aug. 29, 2025, an Adjusted EBITDA Midpoint Opportunity consistent with Vistra’s previously communicated fiscal year 2026 expectation, and Vistra’s medium-term expected conversion ratio of Adjusted Free Cash Flow before Growth to Adjusted EBITDA, Vistra expects incremental Adjusted Free Cash Flow before Growth accretion to be in the range of approximately 8-10% if the Customer utilizes the full capacity.

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 the Company’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, the Company’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, including the closing of the acquisition of the natural gas assets from Lotus Infrastructure Partners, 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 the Company’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, the Company 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 the Company 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: September 29, 2025				/s/ Stephanie Zapata Moore
				Name:		Stephanie Zapata Moore
				Title:		Executive Vice President, General Counsel and Chief Compliance Officer

FAQ

What major agreement did Vistra (VST) announce in this 8-K?

Vistra announced a 20-year power purchase agreement with a large investment-grade customer to supply 1,200 MW of carbon-free power from its Comanche Peak Nuclear Power Plant, with options to extend for up to an additional 20 years.

How much power will Vistra supply under the new PPA?

Under the new PPA, Vistra has agreed to supply 1,200 MW of carbon-free power from the Comanche Peak Nuclear Power Plant to the customer.

When will power deliveries under Vistra’s new nuclear PPA begin and reach full capacity?

Vistra anticipates power delivery to begin in the fourth quarter of 2027 and to ramp up to the full 1,200 MW capacity by 2032.

How does Vistra expect the PPA to affect Adjusted Free Cash Flow before Growth?

Using power forwards as of August 29, 2025, its previously communicated fiscal year 2026 Adjusted EBITDA midpoint, and its medium-term conversion ratio, Vistra expects incremental Adjusted Free Cash Flow before Growth accretion of approximately 8–10% if the customer uses the full contracted capacity.

What type of customer is buying power from Vistra’s Comanche Peak plant?

The PPA is with a large, investment-grade company, which Vistra refers to as the Customer, indicating a counterparty with higher credit quality.

What risks and uncertainties does Vistra highlight around this long-term PPA?

Vistra notes that forward-looking statements involve risks and uncertainties, citing potential adverse economic or regulatory changes, its ability to execute strategic and capital allocation plans, actions by credit rating agencies, extreme weather events, and other risks discussed in its Form 10-K for the year ended December 31, 2024, and subsequent Form 10-Q filings.