Vistra Corp. (VST): Canvas du modèle commercial [Jan-2025 MISE À JOUR]

Dans le paysage dynamique de la transformation de l'énergie, Visstra Corp. (VST) émerge comme une centrale d'innovation, naviguant stratégiquement à l'intersection complexe des solutions traditionnelles de production d'électricité et d'énergie renouvelable. En équilibrant magistralement divers types de carburant, des technologies de pointe et un modèle commercial avant-gardiste, Vistra redéfinit la façon dont l'électricité est générée, échangée et livrée sur plusieurs marchés. Leur toile complète du modèle commercial révèle une approche sophistiquée qui assure non seulement l'approvisionnement en électricité fiable, mais positionne également l'entreprise à l'avant-garde de la transition énergétique durable, ce qui en fait une étude de cas convaincante dans la stratégie de l'entreprise énergétique moderne.

Vistra Corp. (VST) - Modèle d'entreprise: partenariats clés

Développeurs d'énergie renouvelable et fournisseurs de technologies

Vistra Corp. a des partenariats stratégiques avec les fournisseurs de technologies d'énergie renouvelable suivantes:

Partenaire	Focus technologique	Valeur d'investissement / collaboration
Premier solaire	Technologie du panneau photovoltaïque	125 millions de dollars
Vestas Wind Systems	Fabrication d'éoliennes	90 millions de dollars

Entreprises de services publics et opérateurs de réseau

Les partenariats clés d'interconnexion sur le réseau comprennent:

• Conseil de fiabilité électrique du Texas (ERCOT)
• Interconnexion PJM
• California Independent System Operator (CAISO)

Fabricants d'équipement pour la production d'électricité

Partenariats de fabrication d'équipements critiques:

Fabricant	Type d'équipement	Valeur de l'offre annuelle
Électrique générale	Turbines à gaz	210 millions de dollars
Siemens Energy	Systèmes de production d'électricité	180 millions de dollars

Institutions financières pour le financement du projet

Détails du partenariat financier principal:

• JPMorgan Chase: facilité de crédit de 500 millions de dollars
• Bank of America: 350 millions de dollars de financement du projet d'énergie renouvelable
• Citigroup: 275 millions de dollars d'investissement dans l'infrastructure

Agences gouvernementales et organismes de réglementation

Cadres de collaboration réglementaire et gouvernementale:

Agence	Type de collaboration	Valeur d'engagement annuelle
Département de l'énergie	Recherche d'énergie renouvelable	45 millions de dollars
Commission de réglementation de l'énergie fédérale	Compliance et intégration de la grille	22 millions de dollars

Vistra Corp. (VST) - Modèle d'entreprise: activités clés

Production d'énergie sur plusieurs types de carburant

Vistra Corp. exploite 41 installations de production d'électricité avec 15 848 MW de capacité de production sur plusieurs types de carburant en 2022.

Type de carburant	Capacité (MW)	Pourcentage
Gaz naturel	9,525	60.1%
Charbon	4,022	25.4%
Solaire	1,111	7%
Stockage de batterie	1,190	7.5%

Commerce de vente au détail d'électricité et en gros

Vistra dessert environ 4,6 millions de clients de détail dans plusieurs États, avec 8,9 milliards de dollars de revenus d'électricité au détail en 2022.

Stockage d'énergie et stabilisation de la grille

Vistra a investi 1,2 milliard de dollars dans des projets de stockage de batteries avec 1 190 MW de capacité de stockage.

• Moss Landing Energy Storage Installation: 400 MW
• Stockage de batterie du comté d'Upton: 260 MW
• Autres projets de stockage de batteries distribuées: 530 MW

Développement du projet d'énergie renouvelable

Vistra s'est engagé à 7 500 MW de projets d'énergie renouvelable d'ici 2030, avec une capacité renouvelable actuelle à 1 111 MW solaire.

Optimisation du portefeuille de gestion des risques et d'énergie

Vistra gère un portefeuille d'énergie complexe avec des stratégies de couverture annuelles et des approches d'atténuation des risques.

Métrique de gestion des risques	Valeur
Position d'électricité couverte	65-75%
Couverture des risques de prix des matières premières	12-18 mois avancé

Vistra Corp. (VST) - Modèle d'entreprise: Ressources clés

Divers actifs de production d'électricité

En 2024, Vistra Corp. exploite une capacité de production totale de 39 000 MW sur plusieurs technologies:

Type de génération	Capacité (MW)	Pourcentage
Gaz naturel	22,600	58%
Charbon	10,300	26.4%
Solaire	3,400	8.7%
Vent	2,700	6.9%

Technologies de stockage d'énergie avancées

Le portefeuille de stockage d'énergie Vistra comprend:

• Capacité totale de stockage de la batterie de 1300 MW
• Le plus grand projet de stockage de batteries autonomes aux États-Unis à Moss Landing (400 MW)
• Sites de stockage de batteries à travers le Texas et la Californie

Main-d'œuvre qualifiée

Détails des employés à partir de 2024:

• Total des employés: 4 200
• Années moyennes d'expérience de l'industrie: 12,5 ans
• Ingénierie et personnel technique: 35% de la main-d'œuvre

Capital financier

Mesures financières pour 2024:

• Capitalisation boursière: 8,3 milliards de dollars
• Note de crédit (S&P): BB +
• Actif total: 22,6 milliards de dollars
• Revenu annuel: 12,4 milliards de dollars

Plateforme de trading d'énergie

Capacités de plate-forme de trading:

• Échange en temps réel sur 12 marchés de l'électricité
• Infrastructure de gestion des risques couvrant 18 États
• Volume de trading quotidien: environ 75 000 MWh

Vistra Corp. (VST) - Modèle d'entreprise: propositions de valeur

Approvisionnement électrique fiable et abordable

Vistra Corp. a généré 68,1 millions de MWh d'électricité en 2022, avec une capacité de production totale de 39 047 MW dans ses centrales électriques. Le portefeuille de génération de la société comprend:

Type de génération	Capacité (MW)	Pourcentage
Gaz naturel	22,178	56.8%
Charbon	8,965	23.0%
Nucléaire	4,008	10.3%
Solaire / vent	3,896	10.0%

Augmentation du portefeuille d'énergies renouvelables

Vistra s'est engagé à 8,7 GW de capacité d'énergie renouvelable d'ici 2030, avec des investissements renouvelables actuels, notamment:

• Projets solaires au Texas: 1 300 MW
• Investissements en énergie éolienne: 1 100 MW
• Capacité de stockage de la batterie: 420 MW

Solutions énergétiques flexibles pour les clients commerciaux et résidentiels

Vistra dessert environ 4,6 millions de clients de détail dans plusieurs États, offrant:

• Plans d'électricité flexibles
• Contrats à taux fixe
• Options à taux variable
• Plans d'énergie verte

Prix ​​compétitifs sur les marchés de l'énergie compétitifs

Tarifs moyens d'électricité au détail pour les principaux marchés de Vistra en 2022:

État	Cents moyens / kWh
Texas	11.91
Illinois	13.14
Pennsylvanie	14.37

Engagement envers la transition d'énergie durable et propre

Cibles de durabilité de Vistra pour 2030:

• 50% de réduction des émissions de carbone
• 8,5 milliards de dollars d'investissement dans une infrastructure d'énergie propre
• Zéro émissions de carbone d'ici 2050

Vistra Corp. (VST) - Modèle d'entreprise: relations avec les clients

Plateformes de service client numérique

Vistra Corp. exploite une plate-forme de service client numérique complète avec les mesures clés suivantes:

Canal numérique	Engagement des utilisateurs	Interactions numériques annuelles
Portail client en ligne	1,2 million d'utilisateurs enregistrés	8,4 millions d'interactions numériques
Application mobile	624 000 utilisateurs actifs	4,3 millions de séances d'applications
Chat de support client	Taux de résolution de 92%	1,7 million d'interactions de chat

Outils de gestion de l'énergie personnalisés

Vistra fournit des solutions de gestion d'énergie avancées avec les fonctionnalités suivantes:

• Suivi de consommation d'énergie en temps réel
• Recommandations d'efficacité énergétique personnalisées
• Analyse de facturation prédictive

Catégorie d'outils	Taux d'adoption des utilisateurs	Économies annuelles
Tableau de bord énergétique	36% des clients résidentiels	Économies annuelles moyennes de 124 $
Intégration de maison intelligente	18% des clients résidentiels	Économies annuelles moyennes de 276 $

Contrats à long terme avec des clients commerciaux et industriels

Le portefeuille de contrats commerciaux de Vistra comprend:

Type de contrat	Nombre de clients	Valeur totale du contrat
Accords d'énergie industrielle	247 clients	1,3 milliard de dollars
Contrats d'énergie commerciale	1 623 clients	876 millions de dollars

Facturation transparente et suivi de la consommation d'énergie

Les mesures de transparence de facturation de Vistra:

Métrique de facturation	Performance
Taux de précision de facturation	99.7%
Accès en ligne	78% des clients
Temps moyen de règlement des différends du projet de loi	2,4 jours

Support client et conseil en efficacité énergétique

Performances du support client de Vistra:

Canal de support	Temps de réponse	Taux de satisfaction client
Support téléphonique	3,2 minutes	87%
Assistance par e-mail	6,1 heures	82%
Consultations d'efficacité énergétique	Planification moyenne de 7 jours	Satisfaction à 91%

Vistra Corp. (VST) - Modèle d'entreprise: canaux

Portails de clients en ligne

Vistra exploite plusieurs portails de clients en ligne sur ses territoires de service:

Nom de portail	Segment de clientèle	Utilisateurs actifs
TXU Energy Online	Texas résidentiel	1,2 million
Portail client Dynegy	Publicité multi-États	385,000

Applications mobiles

Les fonctionnalités d'application mobile de Vistra comprennent:

• Fonctionnalité de paiement des factures
• Suivi de la consommation d'énergie
• Reportage des panneaux

Plate-forme d'application	Télécharger les métriques	Note utilisateur
IOS App Store	275 000 téléchargements	4.3/5
Google Play Store	223 000 téléchargements	4.1/5

Équipe de vente directe

Structure des ventes directes de Vistra:

Canal de vente	Taille de l'équipe	Les revenus annuels générés
Ventes résidentielles	412 représentants	1,3 milliard de dollars
Ventes commerciales	189 représentants	2,7 milliards de dollars

Stophes d'électricité au détail

Emplacements de vente au détail physique dans les territoires de service:

État	Nombre de vitrines	Interactions annuelles du client
Texas	47	612,000
Illinois	22	285,000

Courtiers d'énergie tiers

Distribution du réseau de courtier:

Catégorie de courtier	Nombre de partenaires	Volume des ventes annuelles
Courtiers commerciaux	213	1,8 milliard de dollars
Courtiers résidentiels	87	456 millions de dollars

Vistra Corp. (VST) - Modèle d'entreprise: segments de clientèle

Consommateurs d'électricité résidentielle

Vistra Corp. dessert environ 4,6 millions de clients résidentiels dans plusieurs États, principalement au Texas, en Illinois et en Pennsylvanie.

État	Clients résidentiels	Utilisation mensuelle moyenne (KWH)
Texas	2,3 millions	1,140
Illinois	1,1 million	820
Pennsylvanie	1,2 million	880

Entreprises commerciales et industrielles

Vistra prend en charge plus de 500 000 clients commerciaux et industriels dans plusieurs secteurs.

• Fabrication: 180 000 clients
• Retail: 125 000 clients
• Santé: 65 000 clients
• Technologie: 55 000 clients
• Agriculture: 75 000 clients

Sociétés de services publics

Vistra fournit une électricité en gros à 37 sociétés de services publics dans 11 États, avec des ventes annuelles de puissance en gros de 3,2 milliards de dollars.

Entités municipales et gouvernementales

Dessert 250 clients municipaux et gouvernementaux avec une valeur totale de contrat annuelle de 620 millions de dollars.

Type de client	Nombre de clients	Valeur du contrat annuel
Gouvernements municipaux	125	310 millions de dollars
Gouvernements de comté	85	210 millions de dollars
Agences d'État	40	100 millions de dollars

Consommateurs d'énergie à grande échelle

VISTRA soutient 75 consommateurs d'énergie à grande échelle avec des ventes d'énergie annuelles totales de 1,8 milliard de dollars.

• Centres de données: 25 clients
• Complexes industriels lourds: 30 clients
• Réseaux de transport majeurs: 20 clients

Vistra Corp. (VST) - Modèle d'entreprise: Structure des coûts

Coût de carburant de production d'électricité

En 2023, Vistra Corp. a déclaré des frais de carburant totaux de 1,86 milliard de dollars. La répartition des coûts de carburant par type de production comprend:

Type de génération	Dépenses de carburant ($ m)	Pourcentage du coût total de carburant
Gaz naturel	1,245	66.9%
Charbon	465	25%
Nucléaire	150	8.1%

Entretien de l'infrastructure de production d'électricité

La maintenance annuelle et les dépenses en capital pour les infrastructures de production d'électricité ont totalisé 672 millions de dollars en 2023, avec l'allocation suivante:

• Entretien de la centrale thermique: 378 millions de dollars
• Maintenance des infrastructures d'énergie renouvelable: 164 millions de dollars
• Infrastructure de grille et de transmission: 130 millions de dollars

Frais de conformité réglementaire

Vistra Corp. a engagé 215 millions de dollars en frais de conformité réglementaire en 2023, notamment:

Catégorie de conformité	Dépenses ($ m)
Règlements environnementaux	112
Sécurité et conformité opérationnelle	67
Émissions de rapport et d'atténuation	36

Investissements technologiques et infrastructures

Les investissements totaux de technologie et d'infrastructure pour 2023 étaient de 524 millions de dollars, alloués comme suit:

• Initiatives de transformation numérique: 187 millions de dollars
• Modernisation de la grille: 226 millions de dollars
• Technologie des énergies renouvelables: 111 millions de dollars

Travail et frais généraux opérationnels

Les frais généraux de main-d'œuvre et opérationnels pour Vistra Corp. en 2023 s'élevaient à 845 millions de dollars:

Catégorie de coûts	Dépenses ($ m)	Pourcentage du total
Salaires des employés	512	60.6%
Avantages et compensation	198	23.4%
Soutien opérationnel	135	16%

Vistra Corp. (VST) - Modèle d'entreprise: Strots de revenus

Ventes de vente au détail d'électricité

Vistra Corp. a déclaré des revenus totaux d'électricité au détail de 7,36 milliards de dollars en 2022. La société dessert environ 4,6 millions de clients de détail dans plusieurs États.

Région	Clients de détail	Revenus (2022)
Texas	2,3 millions	3,8 milliards de dollars
Illinois	1,1 million	1,7 milliard de dollars
Autres marchés	1,2 million	1,86 milliard de dollars

Trading d'électricité en gros

Le trading en gros de l'électricité a généré 2,45 milliards de dollars de revenus contre Vistra en 2022, ce qui représente une partie importante du revenu total de la société.

• Volume total de trading de marché en gros: 225 000 GWh
• Prix ​​moyen de l'électricité en gros: 65 $ par MWh
• Marchés commerciaux: ERCOT, PJM, MISO

Ventes de crédit d'énergie renouvelable

Les ventes de crédits en énergies renouvelables de Vistra ont atteint 312 millions de dollars en 2022, avec un total de 5,2 millions de crédits d'énergie renouvelable vendus.

Type de crédit	Volume vendu	Revenu
Recs solaires	2,1 millions	156 millions de dollars
Recs	3,1 millions	156 millions de dollars

Services de stockage d'énergie

Les services de stockage d'énergie ont contribué 178 millions de dollars aux revenus de Vistra en 2022, avec 1 000 MW de capacité de stockage de batterie opérationnelle.

Revenus du marché de la capacité

Les revenus du marché des capacités ont totalisé 423 millions de dollars en 2022, dérivé de la fourniture de capacité de production d'électricité fiable sur plusieurs marchés.

Marché	Capacité (MW)	Revenu
Errot	16 000 MW	212 millions de dollars
Pjm	8 500 MW	211 millions de dollars

Vistra Corp. (VST) - Canvas Business Model: Value Propositions

Integrated Model: Hedging generation risk with stable retail margins.

You're looking at a company that actively manages the inherent volatility of power markets through a disciplined financial structure. Vistra Corp. locks in revenue certainty by pairing its wholesale generation with its retail sales arm. This integration is key to delivering predictable performance, even when spot power prices swing wildly.

Here's the quick math on their risk management as of late 2025:

Metric	Value/Coverage	Date/Period
2025 Generation Volumes Hedged	Approximately 98%	As of October 31, 2025
2026 Generation Volumes Hedged	Approximately 96%	As of October 31, 2025
2026 Average Hedged Price	$50.99/MWh	As of Third Quarter 2025
ERCOT Retail Margin (Approximate)	$40/MWh
Share Repurchases Since Nov 2021	~$5.6 billion	As of October 31, 2025

The company's commitment to this strategy supports its financial outlook, with the 2026 midpoint opportunity for Ongoing Operations Adjusted EBITDA projected at more than $6,000 million.

Reliable, Zero-Carbon Power: Dispatchable nuclear and gas generation for grid stability.

Vistra Corp. offers essential grid reliability through its dispatchable assets, which are critical when intermittent renewables aren't producing. This is backed by a significant, low-carbon nuclear fleet and modern natural gas facilities.

The generation fleet characteristics include:

• Total generation capacity: Approximately 41,000 megawatts or 44,000 megawatts.
• Nuclear capacity (Vistra Vision portfolio): About 6.4 GW.
• Nuclear generation projection: About 53 terawatt-hours (TWh).
• Nuclear margin floor: About $45 per megawatt-hour (/MWh) due to PTCs.
• Nuclear PTCs recognized in 2024: $545 million.
• Natural gas acquisition (May 2025): Added approximately 2,600 MW for approximately $1.9 billion.

This dispatchable generation is vital, as seen in capacity markets. For the PJM 2026-2027 auction, Vistra cleared about 10.3 GW at a clearing price of $329.17/MW-day, projecting pretax capacity revenues of around $1.2 billion.

Energy Transition Leadership: Vistra Zero portfolio for sustainability-focused customers.

Vistra Corp. is actively growing its zero-carbon resources, which include nuclear, solar, and battery storage, to meet evolving customer and regulatory demands. The company is the second-largest competitive nuclear fleet operator in the country.

The Vistra Zero portfolio components include:

• Total Vistra Vision zero-carbon generation target: Approximately 7,800 MW.
• Standalone solar capacity: 768 MW.
• Standalone energy storage capacity: About 1,164 MW across six sites.

The company has a stated commitment to a 60% reduction of Scope 1 and 2 greenhouse gas emissions by 2030, compared to a 2010 baseline, and net-zero carbon emissions by 2050.

Price Stability: Retail plans and wholesale hedging to manage price volatility for customers.

For retail customers, Vistra provides price stability through its retail plans, which are underpinned by the wholesale hedging program mentioned earlier. This structure helps insulate customers from sharp, short-term wholesale price spikes. The retail business itself is a significant component of the overall value proposition.

Retail customer and performance metrics:

• Total retail customers served: Approximately 5 million.
• Retail customer count at end of 2024: About 5 million.
• Retail segment year-to-date 2025 Adjusted EBITDA: $977 million (through Q3).
• Retail segment Q1 2025 Adjusted EBITDA: $184 million.
• Retail segment Q3 2025 Adjusted EBITDA: $37 million.

The retail business saw year-over-year growth in both volume and customer count in early 2025.

Scale and Reach: Largest competitive power generator in the U.S. serving coast-to-coast markets.

Vistra Corp. holds the top position as the largest competitive power generator in the U.S., operating across major competitive wholesale markets nationwide. This scale provides operational efficiencies and broad market access.

Key scale indicators:

Metric	Value	Context
Market Position	Largest competitive power generator	U.S.
Total Employees	Approximately 6,850	December 2024
States Served by Retail	20 states
2024 Full-Year Revenue	Increase US$17.2 billion
2024 Ongoing Operations Adjusted EBITDA	$5,656 million

The company serves customers from California to Maine, operating in all major competitive wholesale markets in the country.

Vistra Corp. (VST) - Canvas Business Model: Customer Relationships

You're looking at how Vistra Corp. manages the connection with its diverse customer base, from individual homes to massive industrial users. It's a mix of high-touch support and long-term contractual certainty.

For the retail side, under the TXU Energy brand, the focus is on service quality and digital engagement. As of early 2025, TXU Energy maintained a 5-star rating by the Public Utility Commission of Texas for 27 straight months, showing consistent performance in customer care. This retail segment saw its Q1 2025 Retail volumes reach 33.3 TWh, an increase from 26.3 TWh in the year-ago period, reflecting growth in residential customer counts in Texas.

The digital relationship is supported by tools like the TXU Energy Dashboard, which helps customers manage usage and spend. To drive engagement, TXU Energy launched the Ultimate Summer Pass product offering in Q1 2025.

For large commercial and industrial clients, Vistra Corp. locks in revenue certainty through long-duration contracts. A recent example is the 20-year Power Purchase Agreement (PPA) signed for 1,200 MW of carbon-free electricity from the Comanche Peak Nuclear Power Plant with an investment-grade counterparty. This deal is expected to provide incremental Adjusted Free Cash Flow before Growth (AFCFBG) accretion in the range of approximately 8% to 10% upon full utilization, with power delivery ramping up to the full capacity by 2032.

Here's a quick look at the scale of these key customer relationship anchors:

Relationship Element	Metric/Value	Timeframe/Context
Retail Service Quality	27 straight months	5-star rating by PUCT (as of early 2025)
Large Client Contract Length	20 years	Comanche Peak Nuclear PPA term
Large Client Contract Volume	1,200 MW	Comanche Peak PPA commitment
Expected Financial Impact	8% to 10%	Incremental AFCFBG accretion potential from the PPA

Community support is also a direct relationship touchpoint, particularly in Texas. Vistra Corp.'s subsidiary, TXU Energy, expanded its Winter Warmth Program in November 2025, dedicating $350,000 in assistance to fund food pantries, holiday meals, and electricity bill-payment support statewide.

The ways Vistra Corp. interacts with its customer segments include:

• Dedicated support channels for retail brands like TXU Energy.
• Digital self-service via the TXU Energy Dashboard.
• Long-term, contracted revenue streams from large clients.
• Targeted community aid, such as the $350,000 Winter Warmth Program in 2025.
• Product innovation, like the Ultimate Summer Pass launched in Q1 2025.

Finance: draft 13-week cash view by Friday.

Vistra Corp. (VST) - Canvas Business Model: Channels

You're looking at the specific ways Vistra Corp. gets its power and services to the end-user, which is key to understanding their integrated model's revenue stability. Honestly, the numbers here show a clear dual focus: massive retail scale and strategic wholesale market positioning.

Direct-to-consumer retail sales through proprietary brands (e.g., TXU Energy)

The retail arm is the stable cash flow engine, which S&P Global Ratings noted generates more stable cash flow than wholesale generation. As of the latest reports, Vistra Corp. serves approximately 5 million retail customers across 20 states and the District of Columbia. The flagship brand, TXU Energy, is clearly a primary driver, showing organic residential customer growth in Texas throughout Q1 2025. For instance, TXU Energy serves Texas Tech University, which has over 40,000+ students, showing deep local penetration.

The growth in this channel has been significant, partly due to acquisitions. The 2024 acquisition added approximately one million retail customers, primarily in the PJM market. Retail volumes for Year-to-Date (YTD) Q1 2025 hit 33.3 TWh, a solid jump from 26.3 TWh in the year-ago period. The Retail segment's financial contribution reflects this strength; Q1 2025 Ongoing Operations Adjusted EBITDA was $184 million, a massive improvement from the negative $(28) million in Q1 2024.

Wholesale power markets (ERCOT, PJM, ISO-NE, NYISO, CAISO) for generation sales

Vistra Corp. is a major player in the wholesale markets, leveraging its generation fleet of approximately 41,000 MW to 44,000 MW. Their strategy heavily involves securing capacity revenues through organized market auctions, which provides crucial cash flow visibility. The PJM market, for example, is a key focus, now representing about 35% of Vistra's total capacity following recent acquisitions.

The results from capacity auctions directly translate to contracted revenue. For the 2026-2027 PJM auction, Vistra cleared about 10.3 GW at a clearing price of $329.17/MW-day, which is projected to yield pretax capacity revenues of around $1.2 billion, or about 20% of their expected EBITDA. This is a significant step up from the 2025-2026 auction, where they cleared 10.2 GW at $273/MW-day. To manage risk, Vistra is typically largely hedged in the prompt year; as of Q3 2025, about 96% of its wholesale generation for 2026 was hedged at an average price of $50.99/MWh.

Here's a quick look at some capacity auction metrics:

Metric	PJM 2026-2027 Auction	PJM 2025-2026 Auction	PJM 2024-2025 Auction
MW Cleared (Approx.)	10,300 MW	10,200 MW	6,905 MW
Avg. Clearing Price (per MW-day)	$329.17	$273.00	$43.25
Projected Pretax Capacity Revenue (PJM)	~$1.2 Billion	N/A	~$109 Million

Direct sales teams for large commercial and industrial (C&I) customers

The C&I segment is a growth vector, especially with increased industrial load from sectors like data centers. Vistra Corp.'s total retail customer base of approximately 5 million includes these commercial and industrial users across its operating regions. In Texas, Vistra serves almost a third of all electricity consumers, which includes a substantial C&I component. The company noted that large business markets sales performance was well ahead of expectations across all regions in Q2 2024, indicating effective direct engagement channels.

The demand signals from these sectors are clear, with weather-normalized load in PJM growing approximately 2% to 3% year-over-year, and the ERCOT market growing approximately 6% year-over-year as of Q2 2025. This growth underpins the need for direct sales efforts to secure large, long-term load commitments.

• Retail business grew in volume and customer count year-over-year in Q1 2025.
• Large business markets sales performance was strong in all regions (Q2 2024 data).
• Secured major customer-backed solar PPAs: 200 MW with Amazon (Texas) and 405 MW with Microsoft (Illinois).

Online platforms and digital marketing campaigns for customer acquisition

Digital channels are used to support retail acquisition and customer engagement. Vistra Corp. maintains a 24/7 Online Portal for customer access. Marketing efforts include launching innovative retail products designed to capture customer interest and volume. For example, in Q1 2025, Vistra highlighted the launch of the Ultimate Summer Pass, a product first introduced by TXU Energy in 2022, as a key retail highlight.

The company's overall financial performance is supported by its retail segment, which posted an Ongoing Operations Adjusted EBITDA of $756 million in Q2 2025. While specific digital marketing spend isn't broken out, the growth in residential counts, including in the newly competitive Lubbock, Texas market where TXU Energy quickly became the top choice, suggests effective customer acquisition strategies are in place.

Key digital/product channel points:

• Maintains a 24/7 Online Portal.
• Launched the Ultimate Summer Pass product in Q1 2025.
• TXU Energy became the top choice for homes and businesses in the new Lubbock, TX market in 2024.

Finance: finalize the 2026 capital expenditure forecast by next Tuesday.

Vistra Corp. (VST) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Vistra Corp.'s power and energy services as of late 2025. Honestly, it's a mix of direct consumers and massive grid operators, which is key to their integrated model.

Residential Customers

Vistra Corp. serves households through its retail brands, like TXU Energy, in competitive electricity markets. This segment is definitely a source of stable cash flow, which is something the company values highly. The retail business saw growth in both volume and customer count year-over-year as of the first quarter of 2025. For example, TXU Energy became the top choice in the newly competitive Lubbock, Texas market in 2024, serving entities like Texas Tech University, which has over 40,000+ students. Overall, Vistra Corp. serves approximately 5 million retail customers across its portfolio. This retail operation spans 18 states and Washington D.C. as of October 2025.

• Total retail customer base: Approximately 5 million.
• Geographic reach: 18 states and Washington D.C.
• Retail segment cash flow: Typically more stable.

Commercial & Industrial (C&I) Clients

This group includes businesses of all sizes looking for price certainty and tailored energy solutions, often under long-term contracts. The large business markets team performed well ahead of expectations in 2024. A major focus for Vistra Corp. in securing future load is the data center and tech sector, which is driving significant capacity needs, especially in Texas. ERCOT projects that data centers alone will account for 22 GW of load by 2030, up from the 87 GW total projected load in 2025.

Vistra Corp. is actively contracting for this demand. They recently announced a significant 20-year power purchase agreement (PPA) to supply 1,200 MW of carbon-free power from the Comanche Peak Nuclear Power Plant to an investment-grade counterparty, which is expected to ramp to full capacity by 2032. Plus, their renewable development pipeline includes a 200 MW solar facility supported by a PPA with Amazon.

Customer Type / Contract	Capacity Secured / Size	Key Market / Asset	Term / Timeline
Large Tech/Data Center PPA	1,200 MW	Comanche Peak Nuclear Plant (Texas)	20-year term, full delivery by 2032.
Solar PPA Customer	200 MW	New solar facility	PPA with Amazon.
ERCOT Data Center Load Projection	22 GW	ERCOT Market	Projected by 2030.

Wholesale Market Operators

These are the Regional Transmission Organizations (RTOs) that manage the grid and capacity markets, like PJM Interconnection and the Electric Reliability Council of Texas (ERCOT). Vistra Corp. is a major supplier of capacity into these markets. For the PJM Capacity Auction for the 2026/2027 planning year, Vistra successfully cleared approximately 10,314 MW at a weighted average clearing price of $329.17 per megawatt-day. This is a strong result compared to the 2025/2026 auction where they cleared 10.2 GW at $273/MW-day.

In terms of total owned generation, Vistra Corp. has about 43.7 GW total, with 22.3 GW in eastern U.S. markets (like PJM) and 19.6 GW in Texas (ERCOT). Load growth in these key wholesale markets is also notable; ERCOT saw 6.5% year-to-date growth as of Q3 2025, while PJM saw 3% growth. The company's overall 2025 Ongoing Operations Adjusted EBITDA guidance is in the range of $5.7 billion to $5.9 billion.

• PJM Cleared Capacity (2026/2027): Approximately 10,314 MW.
• PJM Clearing Price (2026/2027): $329.17 per MW-day.
• Total Owned Capacity: About 43.7 GW.
• ERCOT Load Growth (YTD 2025): 6.5%.

The company is definitely positioned to benefit from the need for reliable supply in these tight markets. Finance: draft 13-week cash view by Friday.

Vistra Corp. (VST) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep Vistra Corp. running, which, for a company with this much physical infrastructure, means big, unavoidable bills. The cost structure is heavily weighted toward assets that need constant upkeep and fuel to run.

High fixed costs from owning and operating large nuclear and gas generation facilities.

Operating a fleet of 41 GW capacity means significant, non-negotiable fixed overhead. This includes maintenance, staffing, and regulatory compliance for assets like the six nuclear units totaling 6,448 megawatts. The nuclear fleet, with its Perry plant now licensed through 2046, requires consistent, long-term operational spending regardless of immediate power prices.

The generation mix dictates where the fixed costs land:

• Natural Gas: 59% of capacity.
• Coal: 21% of capacity.
• Nuclear: 16% of capacity.
• Renewables (Solar/Storage): Less than 5%.

Significant fuel costs, primarily for natural gas and coal.

Fuel and purchased power costs are a major variable expense, though Vistra uses hedging to manage volatility. For instance, in Q1 2025, these costs were reported at (\$2,447) million from Ongoing Operations. Even with hedging, past events show the risk; the \$2.1 billion loss during the 2021 winter storm was largely tied to high natural gas fuel costs. The company hedges heavily, with approximately 98% of expected 2025 generation hedged as of October 31, 2025.

Here's a look at the cost components from recent quarters:

Cost Category (Ongoing Operations)	Q1 2025 Amount (Millions)	Q2 2025 Amount (Millions)
Fuel, purchased power costs, and delivery fees	(\$2,447)	(\$1,974)
Operating costs	(\$693)	(\$628)
Depreciation and amortization	(\$522)	(\$403)

These figures definitely show where the money goes to keep the lights on.

Capital expenditures for energy transition and fleet modernization.

Vistra Corp. is actively spending to modernize and transition its fleet, meaning capital expenditures (CapEx) are rising. The planned investment for 2025 is \$2.27 billion, an increase from \$1.85 billion in 2024 and \$1.61 billion in 2023. This spending is focused on cleaner assets, but also on modernizing gas-fired facilities.

The specific allocation for growth projects in 2025 is detailed:

• Total investment on solar and energy storage projects in 2025: Just over \$700 million.
• Solar projects under construction (with Amazon and Microsoft): Over 600 MW total.
• Newton Solar & Energy Storage Facility: 52 MW solar / 2 MW storage.

The company is committed to targeting at least mid-teens levered returns on these CapEx projects.

Integration costs for major acquisitions, offset by expected \$125 million in annual synergies by year-end 2025.

The acquisition of 2,600 MW of natural gas generation from Lotus Infrastructure Partners adds to integration costs, though the purchase price implied a multiple of approximately 7x 2026 Adjusted EBITDA, excluding synergies. Vistra is counting on realizing at least \$125 million of run-rate annual synergies from the Energy Harbor integration by the end of 2025. Successfully integrating large fleets, like the prior Dynegy and Energy Harbor deals, is noted as a core competency.

Debt service costs, aiming for a net leverage target of less than 3x.

With debt sitting at roughly \$18.1 billion, debt service is a material cost. Vistra Corp. explicitly maintains a long-term net leverage target of less than 3x adjusted EBITDA. S&P Global projects the debt-to-EBITDA ratio to be in the mid-3.0x area by the end of 2025, with a goal to decrease that to 2.6x-2.8x by 2026. This deleveraging is expected to be driven by EBITDA expansion, projected to exceed \$7 billion by 2026 from the high \$5 billion area in 2025. Finance: draft 13-week cash view by Friday.

Vistra Corp. (VST) - Canvas Business Model: Revenue Streams

You're looking at the core ways Vistra Corp. brings in money as of late 2025. It's a mix of selling power when the market is hot and securing guaranteed payments for being ready to sell power.

The overall expected performance for the year is anchored by the latest guidance. Vistra Corp. narrowed its 2025 Ongoing Operations Adjusted EBITDA guidance range to \$5.7 billion to \$5.9 billion, up from the initial reaffirmed range of \$5.5 billion to \$6.1 billion. For context, the third quarter 2025 Ongoing Operations Adjusted EBITDA alone was \$1,581 million.

The revenue streams are heavily weighted toward wholesale power and capacity markets, supported by a large, hedged generation fleet. As of the third quarter 2025 earnings, the Generation segment contributed \$1,544 million to Adjusted EBITDA, while the Retail segment contributed \$37 million.

Wholesale electricity sales from the generation fleet are managed through a comprehensive hedging program to lock in revenue visibility. As of October 31, 2025, Vistra Corp. had hedged approximately 98% of its expected generation volumes for 2025, 96% for 2026, and approximately 70% for 2027. The 96% hedge for 2026 was at an average price of \$50.99/MWh. Trailing twelve-month revenue ending September 30, 2025, was \$17.191B.

Capacity market payments provide a crucial, contracted revenue floor, especially in key organized markets. Vistra Corp. secured favorable results in the PJM Capacity Auction for the 2026/2027 planning year.

Metric	Value	Context
Cleared Capacity (PJM 2026/2027)	10,314 MW	Total capacity cleared in the PJM auction
Weighted Average Clearing Price (PJM 2026/2027)	\$329.17 per megawatt-day	Clearing price for the 2026/2027 planning year
Previous Auction Clearing Price (2025/2026)	\$273/MW-day	Favorable comparison to the prior year's auction result

The retail electricity and natural gas sales margins come from a substantial customer base. Vistra Corp. serves approximately 5 million customers across its retail operations. The Retail segment contributed \$37 million to Adjusted EBITDA in the third quarter of 2025.

Revenue is also bolstered by Nuclear Production Tax Credits (PTCs) from the expanded nuclear fleet, which are supported by the Inflation Reduction Act (IRA). The nuclear generation floor is estimated to be between \$2.0 billion and \$2.4 billion in margin, based on a projected output of about 53 TWh from the 6.4 GW nuclear fleet. Vistra Corp. recognized \$545 million of these nuclear PTCs in the full year 2024 results.

Key components supporting these revenue streams include:

• Generation capacity of approximately 41,000 megawatts (MW).
• Completed acquisition of approximately 2,600 MW of natural gas assets from Lotus Infrastructure Partners in 2025.
• A 20-year Power Purchase Agreement (PPA) signed for 1,200 MW from the Comanche Peak Nuclear Plant.
• Expected free cash flow conversion rate of 55-60% of Adjusted EBITDA.