Vistra Corp. 8-K

What Happened
Vistra Corp. (VST) announced on January 9, 2026 (8‑K) that it entered into 20‑year power purchase agreements (PPAs) with Meta Platforms, Inc. Under the deals Vistra will supply a total of 2,609 MW of carbon‑free energy and capacity from its PJM nuclear fleet, including operating output and planned uprates. The company expects phased deliveries beginning in late 2026 and continuing through full delivery of uprate volumes by year‑end 2034.

Key Details

• Total supply: 2,609 MW of carbon‑free energy and capacity to Meta.
  • Operating energy/capacity: 1,268 MW from Perry and 908 MW from Davis‑Besse.
  • Uprate energy/capacity: 213 MW from Perry, 80 MW from Davis‑Besse, and 140 MW from Beaver Valley.
• Timing: partial delivery of operating volumes begins late 2026; full delivery of operating volumes by year‑end 2027. Uprate volumes begin partially by 2031 and are expected in full by year‑end 2034.
• Capital spend and returns: uprate capital expenditures expected from 2026–2034 (less than 20% of total spend by year‑end 2028). Vistra expects the uprate investments to meet or exceed its publicly stated mid‑teens levered return target.
• Financial impact: at full delivery (and assuming Vistra’s 2026 guidance), expected incremental Adjusted Free Cash Flow before Growth accretion of ~8%–10% from operating volumes and ~5%–7% from uprate volumes. Vistra expects a weighted average conversion of incremental Adjusted EBITDA to Adjusted Free Cash Flow before Growth of roughly 80% (excluding uprate capex and tax impacts).
• Timing and amounts of expenditures are subject to contingencies and finalization.

Why It Matters
These long‑term PPAs lock in a large, multi‑year customer (Meta) for Vistra’s nuclear capacity, providing predictable revenue and long‑dated cash flow as deliveries ramp. The agreements support Vistra’s growth in carbon‑free generation and, if uprates proceed as planned, are expected to be accretive to Adjusted Free Cash Flow before Growth and meet the company’s return targets. Investors should note the multi‑year capital commitment for uprates and that precise timing, costs and regulatory/operational contingencies could affect the ultimate financial impact.