Vistra Corp

Vistra’s moat stems from scale, integration and unique asset mix. The company operates one of the largest competitive fleets in the U.S., with differentiated baseload nuclear capacity now fully owned within Vistra Vision, integrated with a large retail footprint that provides customer data, risk management and cross‑selling advantages.

Nuclear assets receive a 45U production tax credit through 2032 (inflation‑adjusted and phased down as realized prices rise), supporting durability of cash flows. ERCOT/PJM hedging and retail integration create switching and execution frictions for rivals.

Still, the moat is narrower than regulated utilities or toll‑like networks: merchant prices, policy shifts after 2032 and increasing storage/renewables penetration could erode spreads, and peers like Constellation remain formidable. Long‑dated reactor licenses into 2036–2053 enhance durability.