Vistra's power generation fleet includes ~6.6 GW nuclear (Comanche Peak in ERCOT, plus PJM plants), ~34 GW gas and coal in ERCOT and PJM, and growing solar and battery storage assets. The fleet is expanding to ~49 GW post-Cogentrix (5,500 MW) and Lotus (2,600 MW) acquisitions. The nuclear plants anchor value through 20-year PPAs with AWS (~3,800 MW from Comanche Peak) and Meta (2,609 MW across PJM). ERCOT's 6% annual load growth tightens the supply-demand balance for the merchant gas fleet. FY2025 adjusted EBITDA reached $5,912M with FY2026 guided to $6,800-7,600M.
Vistra operates ~6.6 GW of nuclear capacity including Comanche Peak (ERCOT) and several PJM plants, making it the second-largest competitive nuclear operator in the US.