The Nuclear/AI Premium represents the incremental value from Vistra's nuclear fleet beyond its current contracted revenue. This includes: (1) Nuclear uprate potential (~660 MW, primarily at Comanche Peak, targeted for early 2030s), (2) optionality from additional hyperscaler PPAs beyond the existing AWS and Meta contracts, (3) the structural trend of AI data center demand tightening power markets, and (4) potential nuclear rerating as the market recognizes nuclear as essential AI infrastructure. This is the most speculative component of Vistra's value.
Vistra's nuclear uprate program targets approximately 660 MW of additional capacity, primarily at Comanche Peak, with completion expected in the early 2030s.