Vistra Corp

Predictability is mixed: Vistra’s comprehensive hedging program has ~100% of 2025 and ~95% of 2026 expected generation volumes hedged, providing near‑term visibility, and the 45U nuclear PTC is in place through 2032. Offsetting this, merchant exposure, weather volatility and outage risks (thermal units, batteries) can drive quarterly swings.

Integration of Energy Harbor and NRC license renewals improve long‑term asset clarity, but unit performance and market rules remain variables.