Vistra Corp. (VST)

Vistra is the largest competitive power generator in the United States, with a portfolio of nuclear, natural gas, and solar assets totaling approximately 41 gigawatts of capacity. The company accelerated its transformation in 2024–2025 through the acquisition of Energy Harbor, which added four nuclear plants including the Beaver Valley and Perry nuclear stations. Vistra's nuclear fleet generates high-margin, always-on electricity that is increasingly sought after by data center operators seeking reliable, carbon-free power for AI workloads.

Vistra signed a landmark 20-year power purchase agreement to supply 1,200 megawatts from one of its nuclear plants — the type of long-duration contract that provides revenue visibility and justifies further nuclear capacity investment. Management guided 2026 Adjusted EBITDA to $6.8–$7.6 billion, the first full year of integrated Energy Harbor operations, reflecting premium power pricing and contracted capacity payments. Vistra also acquired seven natural gas facilities for $1.9 billion to add dispatchable capacity for grid reliability contracts.