Vistra to become the sole owner of Vistra Vision

Highlights

Transaction, consisting of the acquisition of the entire 15% equity interest in Vistra Vision currently owned by affiliates of Nuveen and Avenue, is expected to close on Dec. 31, 2024.Net present value cash purchase price, which will be paid in installments over two years from the closing date, of $3.085 billion1, subject to adjustment based on the amount of Vistra Vision dividends received by the minority investors prior to closing.Increases upside related to nuclear, solar, and battery assets, as well as its retail business currently majority owned and operated by Vistra.Transaction is expected to significantly exceed the company's mid-teens levered return thresholds and is forecasted to be immediately accretive to shareholders.Vistra remains committed to its long-term net leverage target of less than 3x2 and continues to expect to execute at least $2.25 billion of share repurchases in 2024 and 2025, and at least $1 billion of additional share repurchases in 20263.

Program will utilize the collective power of solar-plus-battery storage systems during times of peak demand

IRVING, Texas, Sept. 11, 2024 /PRNewswire/ -- Vistra (NYSE: VST) today announced a new program for homeowners in partnership with Sunrun (Nasdaq: RUN) to support grid reliability for Texans. Through Vistra's flagship retail electricity brand, TXU Energy, the TXU Energy & Sunrun Battery Rewards program will aggregate power stored in residential, solar-connected batteries, forming a virtual power plant to dispatch energy back to the grid when it's needed the most.

Earnings Release Highlights

GAAP second quarter 2024 Net Income of $467 million and Cash Flow from Operations of $1,196 million.Net Income from Ongoing Operations1 of $492 million and Ongoing Operations Adjusted EBITDA1 of $1,414 million.Reaffirmed midpoint guidance for 2024 Ongoing Operations Adjusted EBITDA,1 excluding any potential contribution from the nuclear production tax credit, of $4,800 million.Completed two long-term renewable power purchase agreements, one with Microsoft and another with Amazon.Announced our intention to add up to 2,000 megawatts of dispatchable, natural gas-fueled electricity capacity across ERCOT; more than 200 MW of uprates added this quarter.Announced the approval by the Nuclear Regulatory Commission of the request to extend Comanche Peak's operating licenses for an additional 20 years.