10-K 0001692819-26-000006 (2026-02-27) vs 10-K 0001692819-25-000013 (2025-02-28)
| Section | Compared text | Words now | Changed |
| Risk Factors | Item 1A | 21,223 |
6.0% |
| MD&A | Item 7 | 10,337 |
50.3% |
| Legal Proceedings | Item 3, via Note 18 – COMMITMENTS AND CONTINGENCIES | 5,292 |
38.8% |
| Accounting Policies | Item 8, Note 1 – BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES | 3,537 |
12.1% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Legal Proceedings 476 words changed in this paragraph; it is 49% similar to last year's version.
In May 2023, the EPA released a proposal regulating power plant GHG emissions, while also proposing to repeal the Affordable Clean Energy (ACE) rule that had been finalized by the EPA in July 2019. In May 2024, the EPA published a final GHG rule that repealed the ACE rule and sets limits for (a) new natural gas-fired combustion turbines and (b) existing coal-, oil- and natural gas-fired steam generation units. The standards are based on technologies such as carbon capture and sequestration/storage (CCS) and natural gas co-firing. Starting in 2030, the rule would begin to require more CO2 emissions control at certain existing fossil fuel-fired steam generating units, with more stringent standards beginning in 2032 for coal-fired units that plan to operate for a longer period of time. For new natural gas combustion turbines that operate more frequently, the rule would phase in increasingly stringent CO2 requirements over time. Under the rule, states would be required to submit plans to the EPA within 24 months of the rule's publication in the Federal Register that provide for the establishment, implementation, and enforcement of standards of performance for existing sources. These state plans must generally establish standards that are at least as stringent as the EPA's emission guidelines. Under the rule, existing coal-fired steam generation units that will operate on or after January 1, 2039 must start complying with their standards of performance (based on application of CCS with 90 percent capture) by January 1, 2032. Units that are permanently retiring before January 1, 2039, but after December 31, 2031, must start complying with their standards of performance (based on co-firing with 40 percent natural gas on a heat input basis) beginning on January 1, 2030. Units permanently retiring by January 1, 2032 are exempt from the rule. Given our previously announced coal unit retirement commitments, our Martin Lake and Oak Grove plants are the only coal units that are subject to this rule. Our Graham, Lake Hubbard, Stryker Creek and Trinidad oil/natural gas facilities are also regulated under this rule. None of our existing large or small combustion turbines are subject to this rule. The rule also regulates any new gas units. For new combustion turbine units, the rule establishes three different categories depending on how intensively those units are operated, with immediate compliance obligations for all three categories but more stringent standards beginning in 2032 only for the category of units operating the most intensively. Following finalization of the rule in May 2024, 17 petitions for review from various states, industry groups, and companies were filed in the D.C. Circuit Court along with multiple motions to stay the rule. We are participating in an industry coalition challenging the rule. In July 2024, the D.C. Circuit Court denied the motions to stay and a number of parties subsequently filed an emergency request with the U.S. Supreme Court to stay the rule which was denied in October 2024. Oral argument on the merits of the legal challenges to the rule was held in December 2024 before the D.C. Circuit Court. The D.C. Circuit Court has granted the EPA's motion for an abeyance of the case and status reports are due at 90-day intervals. In June 2025, the EPA published a proposed repeal of GHG emission standards for fossil fuel-fired electric generation units, which could moot this case if the proposal is finalized and would result in no further federal regulation of GHGs at electric generating units. Additionally, in February 2025, 2026, the EPA issued a rule that repeals the agency's prior 2009 endangerment finding for all GHG emission standards for light-, medium-, and heavy-duty vehicles. The rescission of the endangerment finding does not impact power plants, however, the EPA has also stated that, for other rules that have relied on the endangerment finding, it intends to initiate other rulemakings to address any overlapping issues. Several environmental groups have filed a challenge to the EPA's repeal of the endangerment finding in the D.C. Circuit granted the unopposed motion filed by the Department of Justice on behalf of the EPA, holding the litigation in abeyance for a period of 60 days while the new leadership at the EPA evaluates the rule and determines how it wishes to proceed. Court.
Source: Item 3, via Note 18 – COMMITMENTS AND CONTINGENCIES, 10-K 0001692819-26-000006 vs Item 3, via Note 15 – COMMITMENTS AND CONTINGENCIES, 10-K 0001692819-25-000013
MD&A 302 words changed in this paragraph; it is 30% similar to last year's version.
Nuclear In August 2022, the U.S. enacted the IRA, which, among other things, implements substantial new and modified energy tax credits, including recognizing the value of existing carbon-free nuclear power by providing for a nuclear PTC, a solar PTC, new technology-neutral ITCs and PTCs that apply to various different clean energy technologies, and a first-time stand-alone battery storage ITC. The IRA also implements a 15% corporate alternative minimum tax (CAMT) on book income of certain large corporations, and a 1% excise tax on net stock repurchases. The section 45U nuclear PTC revenues is available to existing nuclear facilities from 2024 through 2032 and provides a federal tax credit of up to $15 per MWh, subject to phase out when annual gross receipts are accounted between $25.00 per MWh and 43.75 per MWh and $26.00 per MWh and $44.75 per MWh for 2024 and 2025, respectively (each subject to annual inflation adjustments). The Company accounts for transferable ITCs and PTCs we expect to receive by analogy to the grant model within International ASC 832, Government Grants as amended by Accounting Standards 20, Accounting for Government Grants and Disclosures of Government Assistance. Nuclear Update 2025-10 (ASC 832). As discussed in Note 5, we recognized transferable nuclear PTC revenues are based on annual gross receipts generated from qualifying nuclear production of $220 million and $545 million in the calendar year. years ended December 31, 2025 and 2024, respectively. U.S. Treasury regulations are expected to further provide define the scope of the legislation in many important respects, including interpretive guidance on the definition of gross receipts over for the next year. Given the lack of guidance to date, we recognized 2024 nuclear PTC revenues based on our best estimate and interpretation of gross receipts which includes settled spot energy revenues and capacity revenues at each nuclear unit, and excludes any hedges. PTC. Any interpretive guidance on the definition of gross receipts which that differs from the interpretation used in our estimate estimates could result in a material change to PTC revenues attributable to recorded in 2024 and 2025 and would be reflected as a change in estimate in the period in which the guidance is received.
Source: Item 7, 10-K 0001692819-26-000006 vs Item 7, 10-K 0001692819-25-000013
Risk Factors 225 words changed in this paragraph; it is 76% similar to last year's version.
There is continuing emphasis nationally and internationally on global climate change and how GHG emissions, such as CO2, contribute to global climate change. Over the last several years, the U.S. Congress has considered and debated several proposals intended to address climate change using different approaches, including a cap on carbon emissions with emitters allowed to trade unused emission allowances (cap-and-trade), a tax on carbon or GHG emissions, incentives for the development of low-carbon technology and federal renewable portfolio standards. In July 2019, the EPA finalized the ACE rule that developed emissions guidelines that states must use when developing plans to regulate GHG emissions from existing coal-fueled electric generation units. In January 2021, the ACE rule was vacated by the D.C. Circuit Court and remanded to the EPA for further consideration in accordance with the court's ruling. The D.C. Circuit Court's decision was appealed to the U.S. Supreme Court. In June 2022, the U.S. Supreme Court issued its decision in West Virginia v. EPA, in which it held that the EPA does not have the authority to apply generation shifting in the regulation of GHG emissions. The judgment reversed the D.C. Circuit Court's decision and remanded the case for further proceedings consistent with the U.S. Supreme Court's opinion. In May 2024, the EPA issued a more stringent and more encompassing rule to replace the ACE rule. The In June 2025, the EPA proposed to repeal the GHG rule issued in May 2024 is currently being challenged 2024, and the rule remains subject to ongoing legal challenges in the D.C. Circuit after the U.S. Supreme Court declined to issue a stay of that rule. We expect rule, but that litigation is currently abated. As a result, the Trump Administration scope, timing and ultimate requirements of any federal regulation of GHG emissions from existing power generation facilities remains uncertain. Additionally, in February 2026, the EPA issued a rule that repeals the agency's prior 2009 endangerment finding for all GHG emission standards for light-, medium-, and heavy-duty vehicles. The rescission of the endangerment finding does not impact power plants, however, the EPA has also stated that, for other rules that have relied on the endangerment finding, it intends to review the May 2024 GHG rule. Additionally, pursuant initiate other rulemakings to address any overlapping issues. Several environmental groups have filed a challenge to the Order, the Administrator EPA's repeal of the EPA, endangerment finding in collaboration with the heads of any other relevant agencies, will submit joint recommendations to the Director of the Office of Management D.C. Circuit Court. Regulatory uncertainty resulting from changes in administration priorities, judicial review and Budget on the legality enforcement approaches may complicate long-term capital planning, asset retirement decisions and continuing applicability of the December 2009 Endangerment Finding. investments in new technologies, even if regulatory requirements are delayed, modified or repealed. In addition, a number of federal court cases have been filed in recent years asserting damage claims related to GHG emissions, and the results in those proceedings could establish adverse precedent that might apply to companies (including us) that produce GHG emissions. We could be materially and adversely affected if federal and/or state legislation or regulations that address global climate change require efforts that exceed or are more expensive than our currently planned initiatives initiatives, or if regulatory uncertainty itself results in increased costs or inefficiencies, or if we are subject to lawsuits for alleged damage to persons or property resulting from GHG emissions.
Source: Item 1A, 10-K 0001692819-26-000006 vs Item 1A, 10-K 0001692819-25-000013
Accounting Policies 119 words changed in this paragraph; it is 40% similar to last year's version.
In December 2023, 2025, the FASB Financial Accounting Standards Board (FASB) issued ASU No. 2023-09 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities (ASU 2023-09), Income Taxes (Topic 740): Improvements to Income Tax Disclosures to enhance the transparency 2025-10), which provides guidance on recognition, measurement, and decision usefulness presentation of income tax disclosures. government grants. ASU 2023-09 2025-10 is effective for annual periods beginning after December 15, 2024 on a prospective basis. 2028, including interim periods within those fiscal years. Early adoption is permitted. As The Company adopted the amendments apply to income tax disclosures only, the Company does in this ASU for its fiscal year ended December 31, 2025. The adoption did not expect adoption to have a material impact on the consolidated financial statements. statements as we previously accounted for ITCs and PTCs by analogy to International Accounting Standards 20, Accounting for Government Grants and Disclosures of Government Assistance, which the FASB largely leveraged in developing the ASU.
Source: Item 8, Note 1 – BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001692819-26-000006 vs Item 8, Note 1 – BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001692819-25-000013
Every change, by type
Sentences and paragraphs of VST's Risk Factors and MD&A, 10-K 2026-02-27 against 10-K 2025-02-28.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
•We may not be able to consummate the Cogentrix Transactions on the anticipated terms, on the anticipated timeline, or at all, which could adversely affect our business, financial condition, results of operation and stock price.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
•Following completion of the Cogentrix Transactions, we may not realize the anticipated synergies and other expected benefits of the Cogentrix Transactions on the anticipated timeline or at all.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
We may not be able to consummate the Cogentrix Transactions on the anticipated terms, on the anticipated timeline, or at all, which could adversely affect our business, financial condition, results of operation and stock price.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
The consummation of the Cogentrix Transactions (as defined below) remains subject to the satisfaction or waiver of customary closing conditions, including receipt of all requisite regulatory approvals, and expiration or termination of all applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the HSR Act), as well as the satisfaction of other customary conditions set forth in the definitive agreements. The closing of each of the Cogentrix Transactions is also conditioned upon being consummated substantially concurrently. These closing conditions may not be fulfilled in a timely manner or at all, and, accordingly, the Cogentrix Transactions may not be completed.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
In connection with the Cogentrix Transactions, a portion of the consideration payable at closing consists of 5,000,000 shares of our common stock. The issuance of these shares will dilute the ownership interests of our existing stockholders. Although the issuance represents a relatively small percentage of our currently outstanding common stock, such dilution could adversely affect the market price of our common stock.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
In addition, the definitive agreements provide that either party may terminate the applicable agreement if the Cogentrix Transactions are not completed by December 31, 2026 (which date may be extended twice, in each case, by up to 90 days, as further provided in the definitive agreements). If we are unable to complete the Cogentrix Transactions, we still will incur and will remain liable for significant transaction costs, including legal, accounting, advisory and other costs relating to the Cogentrix Transactions. Also, depending upon the reasons for not completing the Cogentrix Transactions, we may be required to pay Cogentrix Energy a termination fee of, as to the purchase agreement, $77,839,364, and, as to the merger agreement, $72,160,636.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
If the Cogentrix Transactions are not consummated, or are consummated on different terms than as contemplated by the definitive agreements, we could be adversely affected and subject to a variety of risks associated with the failure to consummate the Cogentrix Transactions, or to consummate the Cogentrix Transactions as contemplated by the definitive agreements, including:
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
•our stockholders may be prevented from realizing the anticipated potential benefits of the Cogentrix Transactions;
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
•reputational harm due to the adverse public perception of any failure to successfully complete the Cogentrix Transactions; and
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
•the attention of our management and employees may be diverted from their day-to-day business and operational matters and our relationships with our customers and suppliers may be disrupted as a result of efforts relating to attempting to consummate the Cogentrix Transactions.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
Following the completion of the Cogentrix Transactions, we may not realize the anticipated synergies and other expected benefits of the Cogentrix Transactions on the anticipated timeline or at all.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
Even if the Cogentrix Transactions are completed, we may not realize the anticipated synergies and other expected benefits of the Cogentrix Transactions on the anticipated timeline or at all. The success of the Cogentrix Transactions will depend, in part, on our ability to integrate the Cogentrix assets and operations into our existing business, manage and operate the acquired facilities efficiently, retain key personnel, and effectively manage the increased scale and geographic footprint of our generation portfolio. Further, the acquired assets may be subject to operational, regulatory, environmental, market or other risks that differ from or are greater than those associated with our existing assets, including unanticipated capital expenditure requirements, potential unknown liabilities, or changes in market rules or regulatory requirements applicable to the regions in which the Cogentrix assets operate. We will be required to devote significant management attention and resources to the integration of Cogentrix Energy’s business practices and operations into our existing business.
Read it in 10-K 2026-02-27 at sec.gov ↗
RemovedRisk Factors
Additionally, in January 2021, President Biden issued written notification to the United Nations of the U.S.'s intention to rejoin the Paris Agreement, effective in February 2021. However, in January 2025, President Trump signed an Executive Order announcing the withdrawal from the Paris Agreement.
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedRisk Factors
•negative stakeholder sentiment toward us and our industry, including concerns over environmental or sustainability matters and potential changes in federal and state regulatory actions related thereto;
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedRisk Factors
•loss of business or loss of market share, including to competitors who do not have any, or comparable amounts, of operations involving fossil fuels;
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedRisk Factors
•the inability to, or increased difficulties and costs of, obtaining services, materials, or insurance from third parties;
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedRisk Factors
•reductions in our credit ratings or increased costs of, or limited access to, capital;
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedRisk Factors
•impediments on our ability to acquire or renew rights-of-way or land rights on a timely basis and on acceptable terms;
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedRisk Factors
•changing investor sentiment regarding investment in the power and utilities industry or our company; and
Read it in 10-K 2025-02-28 at sec.gov ↗
RewordedRisk Factors
For example, the IRA OBBBA includes the enactment of several new proposals, including, but not limited to (i) a corporate alternative minimum reinstatement of 100% accelerated depreciation for certain qualifying expenditures, (ii) an increase in the limit of certain interest that can be deducted by a corporation, (iii) accelerated phase-out of certain renewable energy tax based on book income credits associated with solar and (ii) wind projects, and (iv) additional requirements to qualify for enhanced renewable energy tax credits.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
Such potential transactions and executed agreements are subject to certain risks and uncertainties, including various currently contemplated or future potential regulatory actions, reviews, and/or approvals and approvals, adverse legislative actions, and project execution risk including significant capital expenditures required to complete the nuclear uprates, as well as risks related to operational performance, fuel supply and other factors, that could affect our ability to meet contractual obligations, which could impact the timing of, and our ability to consummate, a potential transaction. such transactions.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
The Tax Cuts and Jobs Act of 2017 (TCJA), enacted December 22, 2017, and the Inflation Reduction Act (IRA), enacted August 16, 2022, and the One Big Beautiful Bill Act (OBBBA) enacted July 4, 2025, both introduced significant changes to current U.S. federal tax law.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
Some of these emerging Emerging technologies are such as distributed renewable energy technologies, energy efficiency, broad consumer adoption of electric vehicles, distributed generation, energy storage devices, fuel cells, nuclear small modular reactors, and linear generators. generators could have a significant impact on the energy industry.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
The During the prior administration, the EPA was directed by the Biden Administration to review a number of environmental rules adopted by the EPA during the first Trump Administration, rules, including the CCR rule, the ELG rule, the ACE rule and the particulate matter (PM), and NAAQS rules.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
Our businesses are subject to numerous state and federal laws (including, but not limited to, Texas Public Utility Regulatory Act, the Federal Power Act, the Natural Gas Policy Act, the Atomic Energy Act, the Public Utility Regulatory Policies Act of 1978, the Clean Air Act (CAA), the Clean Water Act (CWA), the Resource Conservation and Recovery Act (RCRA), the Energy Policy Act of 2005, the Dodd-Frank Wall Street Reform and the Consumer Protection Act and the Telephone Consumer Protection Act), changing governmental policy and regulatory actions (including those of the FERC, the DOE, the NERC, the RCT, the MSHA, the EPA, the NRC, the DOJ, the FTC, the CFTC, state public utility commissions and state environmental regulatory agencies), and the rules, guidelines and protocols of ERCOT, CAISO, ISO-NE, MISO, NYISO and PJM with respect to various matters, including, but not limited to, market structure and design, operation of nuclear generation facilities, construction and operation of other generation facilities, orders from governmental or regulatory agencies requiring continued operation of units beyond their planned retirement dates, development, operation and reclamation of lignite mines, recovery of costs and investments, decommissioning costs, market behavior rules, present or prospective wholesale and retail competition, administrative pricing mechanisms (and adjustments thereto), rates for wholesale sales of electricity, mandatory reliability standards and environmental matters.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
However, we recognize the growing threat within the general marketplace and our industry, especially as generative AI becomes more widely used by threat actors. actors and we may not be able to prevent or mitigate any such impacts in the future.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
There is no assurance that the The Board will may not declare, or that and we will may not pay, any dividends on our common stock in the future.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
There is no assurance that the The Board will may not declare, or that and we will may not pay, any dividends on our Preferred Stock in the future.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
Management's Discussion and Analysis of Financial Condition, and Results of Operations – Significant Activities Business Environment and Events, and Items Influencing Future Performance - Macroeconomic Conditions. Outlook.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
We continue to pursue and execute on additional opportunities for the potential prospective sale of power from our existing or new nuclear and gas generation fleet facilities pursuant to long-term agreements to supply large load facilities.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
Management's Discussion and Analysis of Financial Condition, and Results of Operations – Significant Activities Business Environment and Events, and Items Influencing Future Performance – Macroeconomic Conditions); Outlook);
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesRisk Factors
There are also increasing financial risks for companies that own and operate fossil fuel generation as some institutional lenders or other sources of capital have become more attentive to sustainable financing practices and some of them may seek commitments on emission reduction targets or expected use or proceeds when providing funding to, or decline to provide funding for companies who produce or utilize fossil fuel energy or that have higher levels of GHG emissions.
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesRisk Factors
Although we We attempt to comply with changing legislative and regulatory requirements, but there is a risk that we will fail to adapt to any such changes successfully or on a timely basis.
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesRisk Factors
Although we We are the primary provider of our retail businesses' wholesale electricity supply requirements, but our retail businesses purchase a portion of their supply requirements from third parties.
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesRisk Factors
Although we We take precautions to protect our infrastructure, but we have been, and will likely continue to be, subject to attempts at phishing and other cybersecurity intrusions.
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesRisk Factors
Attorney General may to request a stay of the related litigation while the EPA conducts its review.
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesRisk Factors
Our operations, projects and growth opportunities require us to have strong relationships with key stakeholders, including local communities and other groups directly impacted by our activities, as well as governments and government agencies, investor advocacy groups, certain institutional investors, investment funds and others which are increasingly may be focused on sustainability practices.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
•We continued to execute our integrated business model, delivering strong operational and financial performance while responding effectively to market opportunities. Our ability to combine a diversified and dependable generation fleet with a scaled retail platform and disciplined wholesale risk management capabilities remains a core competitive advantage and supports more stable and predictable cash flows across commodity price cycles.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
•Long-term contracts entered in 2025 underwrite higher base profitability in the future.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
◦In September 2025, we announced that we had entered into a 20-year power purchase agreement (PPA) (with options to extend for up to an additional 20 years) with Amazon Web Services (AWS) to supply 1,200 MW of carbon-free power from our Comanche Peak Nuclear Power Plant. We anticipate power delivery to begin in the fourth quarter of 2027 and ramp to full capacity by 2032.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
◦In January 2026, we announced that we had entered into 20-year PPAs with Meta Platforms, Inc. (Meta) to supply 2,609 MW of carbon-free power and capacity from our PJM nuclear power plants, including 2,176 MW of operating energy and capacity and 433 of uprate energy and capacity to be constructed. We anticipate commencing delivery on a portion of the operating energy and capacity in late 2026 and full delivery by year end 2027. We anticipate commencing delivery on a portion of the uprate energy and capacity by 2031 and full delivery by year end 2034.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
•Executed disciplined capital allocation through targeted natural gas expansion, including the development of an 860 MW facility in West Texas and the acquisition of 2,600 MW of natural gas generation capacity from Lotus.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
•In December 2025, we executed definitive agreements to acquire Cogentrix Energy, consisting of 10 natural gas generation facilities totaling approximately 5,500 MW of capacity. The transaction is expected to close in mid-to-late 2026.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
•In December 2025, S&P raised its issuer credit rating on Vistra to investment grade from BB+ to BBB-.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
•Planned uprates at the Company's operating Perry Nuclear Power Plant (Perry), Davis-Besse Nuclear Power Plant (Davis-Besse), and Beaver Valley Nuclear Power Plant (Beaver Valley) would add 433 MW of incremental carbon-free nuclear energy and capacity to the PJM region commencing delivery on a portion of the uprate energy and capacity by 2031 and full delivery of the uprate energy and capacity by year end 2034.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
Electricity demand drivers including the rise of large scale data centers, the electrification of oil field operations, and electric vehicle load building are contributing to a projected fast paced load growth in the regions we serve. Our integrated retail electricity and power generation operations allows us to quickly respond to electricity demand changes. To support growing demand from large‑scale electricity consumers, we continue to engage in discussions with various counterparties regarding the potential long-term sale of power from our generation facilities, and we are progressing a series of development initiatives across our generation portfolio, including nuclear uprates and other capacity expansions.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
Our industry continues to face ongoing supply chain constraints and labor shortages, which have reduced the availability of essential equipment and supplies for constructing new generation facilities, increased the lead times for procuring materials, and raised labor costs associated with maintaining our natural gas, nuclear, and coal fleet.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
We are proactively managing these constraints by continuously re-evaluating the business cases and timing of our planned development projects. This has led to the deferral or abandonment of some planned capital expenditures for our solar and battery projects and could impact the economic feasibility of additional projects in our new generation development pipeline. We are engaging with suppliers to secure key materials needed to maintain our existing generation facilities before future planned outages.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
In January 2026, Vistra announced it had entered into 20-year PPAs with Meta, pursuant to which the Company has agreed to supply Meta with a total of 2,609 MW of carbon-free power and capacity from the Company's PJM nuclear power plants as follows:
Read it in 10-K 2026-02-27 at sec.gov ↗
RemovedMD&A
In 2023, the Perry Nuclear Plant filed a license extension application to operate through 2046, an additional 20 years beyond the existing license. A decision from the NRC is expected in late 2025.
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedMD&A
In January 2025, a fire occurred at our Moss Landing 300 MW battery energy storage facility in CAISO. We are still investigating the cause and impacts, but expect to write off approximately $400 million of plant value to depreciation expense in the first quarter of 2025, representing the facility's remaining net book value. Moss Landing 300 is part of the Moss Landing complex, which includes two other battery facilities and a gas plant, with an aggregate book value of approximately $1 billion including Moss Landing 300. While the gas plant is operational, the other two battery facilities remain offline as we investigate the fire. Additional costs incurred from the events include loss of revenue from the facilities being offline, and may include litigation costs and penalties under contracts. We will continue to assess if a triggering event has occurred to evaluate impairment for the other complex assets.
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedMD&A
•We continued to execute our integrated business model through exceptional operational performance by capitalizing on market opportunities that drove strong earnings for the year ended December 31, 2024. This highlights our competitive advantage of coupling retail with our reliable and efficient generation fleet and wholesale commodity risk management capabilities, which reduces the effects of commodity price movements and contributes to the stability and predictability of our cash flows.
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedMD&A
•Our commercial team focused on effectively and efficiently managing risk by opportunistically hedging and optimizing our assets and business positions, which led to strong plant operating performance and energy margins.
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RemovedMD&A
•Our retail brands served the retail electricity and natural gas needs of end-use residential, small business, and commercial and industrial electricity customers through multiple sales and marketing channels with products and solutions that differentiates Vistra from our competitors.
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedMD&A
•In December 2024, we entered into the BCOP Credit Agreement to fund the development of solar generation and battery ESS facilities in Illinois and Texas.
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedMD&A
•In March 2024, we completed the acquisition of Energy Harbor, adding an additional 4,048 MW of nuclear generation to our fleet.
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedMD&A
During the year ended December 31, 2024, our operating segments delivered strong operating performance with a disciplined focus on cost management, while generating and selling essential electricity in a safe and reliable manner. Our performance reflected strong plant operating performance, growth of our retail business and the effectiveness of our comprehensive hedging strategy.
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedMD&A
Historically, the base case assumption for U.S. electricity demand was for modest growth driven by the interplay of growth in population, industrial activity (such as an on-shore manufacturing) and new demand sources (such as electric vehicles), partially offset by continued advancements in energy efficiency. Multiple demand drivers such as emergence of large load data centers and electrification of oil field operations (specifically in the Permian Basin of west Texas), are expected to continue to accelerate load growth in the geographic regions we serve. We are in various discussions with interested counterparties for the potential sale of power from our nuclear and gas facilities pursuant to long-term agreements to supply large load facilities. Such potential transactions are subject to certain risks and uncertainties, including potential regulatory review and/or approval and adverse legislative action, which could impact the timing of, and our ability to consummate, any potential transaction.
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedMD&A
The industry continues to experience supply chain constraints and labor shortages that have reduced the availability of certain equipment and supply relevant to construction of new generation facilities, and increased (i) the lead time to procure certain materials necessary to maintain, and (ii) the labor costs associated with maintenance activity on our natural gas, nuclear and coal fleet. We are proactively managing the increased costs of materials and supply chain disruptions and continuing to prudently re-evaluate the business cases and timing of our planned development projects, which has resulted in a deferral of some of our planned capital spend for our renewables projects and could impact the feasibility of additional projects. In addition, we have proactively engaged our suppliers to secure key materials needed to maintain our existing generation facilities prior to future planned outages, and our Vistra Zero operational and development projects are anticipated to benefit from the impact of the IRA. The inflationary environment continues to drive elevated interest rates, resulting in increased refinancing or borrowing costs, including future non-recourse financing for our development projects and future refinancing expected in connection with future debt maturities.
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedMD&A
East Segment 2024-2025 2025-2026 CP auction capacity sold, net (MW) 9,935 10,255 Bilateral capacity sold, net (MW) 2,127 330 Total segment capacity sold, net (MW) 12,062 10,585 Average price per MW-day $ 41.38 $ 267.12
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedMD&A
•employing disciplined, liquidity-efficient hedging and risk management strategies through physical and financial energy-related contracts intended to partially hedge gross margins;
Read it in 10-K 2025-02-28 at sec.gov ↗
RewordedMD&A
(b)The increase decrease in availability for the year ended December 31, 2024 2025 was driven by a $684 $380 million increase in cash borrowings, partially offset by a $214 million decrease in letters of credit outstanding under the facility and the October 2024 amendment to the Revolving Credit Facility which, among other things, increased the revolving credit commitments by $265 million (see Note 9 to the Financial Statements). facility.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
On March 1, 2024 (Merger Date), pursuant to a transaction agreement dated March 6, 2023 (Transaction Agreement), 2023, (i) Vistra Operations transferred certain of its subsidiary entities into Vistra Vision, (ii) Black Pen Inc., a wholly owned subsidiary of Vistra, merged with and into Energy Harbor, (iii) Energy Harbor became a wholly-owned wholly owned subsidiary of Vistra Vision, and (iv) affiliates of Nuveen Asset Management, LLC (Nuveen) and Avenue Capital Management II, L.P. exchanged a portion of the Energy Harbor shares held by Nuveen and Avenue for a 15% equity interest of Vistra Vision (collectively, Energy Harbor Merger).
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
This Any interpretive guidance on the definition of gross receipts that differs from the interpretation used in our estimates could have result in a material impact on our estimate change to PTC revenues recorded in 2024 and 2025 and would be reflected as a change in estimate in the period in which the guidance is received.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
However, given Given uncertainty in timing of recoveries and potential indirect impacts to other facilities, remaining insurance recoveries, we cannot predict the net impact these events full impacts this event will have on our results of operations for 2025. 2026 financial statements.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
The section 45U nuclear PTC is available to existing nuclear facilities from 2024 through 2032 and provides a federal tax credit of up to $15 per MWh, subject to phase out as power prices increase above $25 when annual gross receipts are between $25.00 per MWh and 43.75 per MWh and $26.00 per MWh and $44.75 per MWh for 2024 and 2025, respectively (each subject to annual inflation adjustments).
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
(d)Represents net of all NDT (income) loss of the PJM nuclear facilities, facilities and all ARO accretion expense for operating assets and ARO remeasurement impacts for operating assets. environmental remediation expenses and other expenses associated with the Moss Landing Incident.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
The Company accounts for transferable ITCs and PTCs we expect to receive by analogy to the grant model within International ASC 832, Government Grants as amended by Accounting Standards 20, Accounting for Government Grants and Disclosures of Government Assistance. Update 2025-10 (ASC 832).
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
We believe that we will have access to sufficient liquidity to fund our anticipated cash requirements through at least the next 12 months, including the consummation of the Cogentrix Transaction, the maturity of 2026 debt obligations, including the 5.050% Senior Secured Notes due December 2026, and the upcoming payments associated with the acquisition of Nuveen's noncontrolling interest in Vistra Vision discussed in Note 9 11 to the Financial Statements.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Certain The Vistra Operations Credit Agreement, Vistra Operations Commodity-Linked Credit Agreement, Secured LOC Facilities, and certain of our contractual other financing arrangements contain include cross-default provisions that could result in an event of default if there were a failure under financing arrangements to meet payment terms or to observe covenants that could result in an acceleration of payments due.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
We expect to recover a significant portion majority of the direct losses incurred from each event expenditures associated with the Martin Lake Incident through property damage insurance and to receive additional business interruption insurance. proceeds.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
The net proceeds from these issuances were used to refinance senior secured unsecured debt maturities in May 2024 and July 2024 September 2026 and for general corporate purposes. purposes, including to fund a portion of the Lotus Acquisition.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
The PRUI Prohibiting Russian Uranium Imports Act (PRUI Act), which was signed into law on August 11, 2024, prohibits importation of Russian uranium; however, the Department of Energy DOE can issue waivers (subject to decreasing annual caps) until December 31, 2027 if there is no alternate source of low-enriched uranium available to keep U.S. nuclear reactors operating or is in the national interest.
Read it in 10-K 2026-02-27 at sec.gov ↗