Vistra Corp

As a largely merchant generator, Vistra does not set market prices; it earns spreads and capacity revenues. Pricing power is indirect and driven by supply–demand tightness, hedging, retail margin discipline and the nuclear PTC which effectively boosts net realized value per MWh.

The company is pursuing long‑term contracts with large data centers, which can embed premium pricing and stability, but execution and regulatory approvals remain uncertain. Retail brands have some elasticity and churn management, yet face competition. Overall pricing leverage is moderate, improving if long‑term deals scale.