Vistra Corp
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
VST$131.18-2.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Glossary of Terms and Abbreviations iii
GLOSSARY OF TERMS AND ABBREVIATIONS
When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below.
| Current and Former Related Entities: | |
|---|---|
| Ambit | Ambit Holdings, LLC, and/or its subsidiaries (d/b/a Ambit), depending on context |
| BCOP | BCOP Borrower LLC, a subsidiary of Vistra Zero |
| Crius | Crius Energy Trust and/or its subsidiaries, depending on context |
| Dynegy | Dynegy Inc., and/or its subsidiaries, depending on context |
| Dynegy Energy Services | Dynegy Energy Services, LLC and Dynegy Energy Services (East), LLC (each d/b/a Dynegy, Better Buy Energy, Brighten Energy, Honor Energy and True Fit Energy), indirect, wholly owned subsidiaries of Vistra, that are REPs in certain areas of MISO and PJM, respectively, and are engaged in the retail sale of electricity to residential and business customers |
| EFH Corp. | Energy Future Holdings Corp., a holding company and formerly the indirect parent of our predecessor |
| Energy Harbor | Energy Harbor Holdings LLC (formerly known as Energy Harbor Corp.), and/or its subsidiaries, depending on context |
| Homefield Energy | Illinois Power Marketing Company (d/b/a Homefield Energy), an indirect, wholly owned subsidiary of Vistra, a REP in certain areas of MISO that is engaged in the retail sale of electricity to municipal customers |
| Luminant | subsidiaries of Vistra engaged in competitive market activities consisting of electricity generation and wholesale energy sales and purchases as well as commodity risk management |
| Oncor | Oncor Electric Delivery Company LLC, a direct, majority-owned subsidiary of Oncor Holdings and formerly an indirect subsidiary of EFH Corp., that is engaged in regulated electricity transmission and distribution activities |
| Parent | Vistra Corp. |
| Public Power | Public Power, LLC (d/b/a Public Power), an indirect, wholly owned subsidiary of Vistra, a REP in certain areas of PJM, ISO-NE, NYISO and MISO that is engaged in the retail sale of electricity to residential and business customers |
| TCEH | Texas Competitive Electric Holdings Company LLC, a direct, wholly owned subsidiary of Energy Future Competitive Holdings Company LLC, and, prior to the Effective Date, the parent company of our predecessor, depending on context, that were engaged in electricity generation and wholesale and retail energy market activities, and whose major subsidiaries included Luminant and TXU Energy |
| TriEagle Energy | TriEagle Energy, LP (d/b/a TriEagle Energy, TriEagle Energy Services, Eagle Energy, Energy Rewards, Power House Energy and Viridian Energy), an indirect, wholly owned subsidiary of Vistra, a REP in certain areas of ERCOT and PJM that is engaged in the retail sale of electricity to residential and business customers |
| TXU Energy | TXU Energy Retail Company LLC (d/b/a TXU), an indirect, wholly owned subsidiary of Vistra that is a REP in competitive areas of ERCOT and is engaged in the retail sale of electricity to residential and business customers |
| U.S. Gas & Electric | U.S. Gas and Electric, LLC (d/b/a USG&E, Illinois Gas & Electric and ILG&E), an indirect, wholly owned subsidiary of Vistra, a REP in certain areas of PJM, ISO-NE, NYISO and MISO that is engaged in the retail sale of electricity to residential and business customers |
| Value Based Brands | Value Based Brands LLC (d/b/a 4Change Energy, Express Energy and Veteran Energy), an indirect, wholly owned subsidiary of Vistra that is a REP in competitive areas of ERCOT and is engaged in the retail sale of electricity to residential and business customers |
| Vistra | Vistra Corp., and/or its subsidiaries, depending on context |
| Vistra Intermediate | Vistra Intermediate Company LLC, a direct, wholly owned subsidiary of Vistra |
| Vistra Operations | Vistra Operations Company LLC, an indirect, wholly owned subsidiary of Vistra that is the issuer of certain series of notes (see Note 9 to the Financial Statements) and borrower under the Vistra Operations Credit Facilities |
| Vistra Vision | Vistra Vision LLC, an indirect, wholly owned subsidiary of Vistra |
| Vistra Zero | subsidiaries of Vistra engaged in the operation and development of renewables and energy storage assets resulting in continued modernization of our generation fleet. |
| Vistra Zero Operations | Vistra Zero Operating Company, LLC, an indirect, wholly owned subsidiary of Vistra |
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| Transmission System Operators: | |
|---|---|
| CAISO | The California Independent System Operator |
| ERCOT | Electric Reliability Council of Texas, Inc. |
| ISO-NE | ISO New England Inc. |
| MISO | Midcontinent Independent System Operator, Inc. |
| NYISO | New York Independent System Operator, Inc. |
| PJM | PJM Interconnection, LLC |
| Authoritative Organizations: | |
| CFTC | U.S. Commodity Futures Trading Commission |
| EPA | U.S. Environmental Protection Agency |
| FERC | U.S. Federal Energy Regulatory Commission |
| FTC | Federal Trade Commission |
| IEPA | Illinois Environmental Protection Agency |
| IPCB | Illinois Pollution Control Board |
| IRS | U.S. Internal Revenue Service |
| MSHA | U.S. Mine Safety and Health Administration |
| NERC | North American Electric Reliability Corporation |
| NRC | U.S. Nuclear Regulatory Commission |
| PUCT | Public Utility Commission of Texas |
| RCT | Railroad Commission of Texas, which among other things, has oversight of lignite mining activity in Texas, and has jurisdiction over oil and natural gas exploration and production, permitting and inspecting intrastate pipelines, and overseeing natural gas utility rates and compliance |
| SEC | U.S. Securities and Exchange Commission |
| TCEQ | Texas Commission on Environmental Quality |
| TRE | Texas Reliability Entity, Inc., an independent organization that develops reliability standards for the ERCOT region and monitors and enforces compliance with NERC standards and monitors compliance with ERCOT protocols |
| Rules and Regulations: | |
| CAA | Clean Air Act |
| ERISA | Employee Retirement Income Security Act of 1974 |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| IRA | Inflation Reduction Act of 2022 |
| Securities Act | Securities Act of 1933, as amended |
| General Terms: | |
| 2023 Form 10-K | Vistra's annual report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024 |
| Ambit Transaction | the acquisition of Ambit by an indirect, wholly owned subsidiary of Vistra on November 1, 2019 (Ambit Acquisition Date) |
| ARO | asset retirement and mining reclamation obligation |
| BCOP Credit Agreement | credit agreement, dated as of December 16, 2024 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time), by and among BCOP, the lenders and issuing banks party thereto, the administrative agent, and collateral agent and the other parties named therein |
| CCGT | combined cycle natural gas turbine |
| CCR | coal combustion residuals |
| CME | Chicago Mercantile Exchange |
| CO2 | carbon dioxide |
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| Crius Transaction | the acquisition of equity interests of two wholly owned subsidiaries of Crius that indirectly owned the operating business of Crius by an indirect, wholly owned subsidiary of Vistra on July 15, 2019 (Crius Acquisition Date) |
|---|---|
| CT | combustion turbine |
| Dynegy Merger | the merger of Dynegy with and into Vistra, with Vistra as the surviving corporation, on April 9, 2018, the date Vistra and Dynegy completed the transactions contemplated by the Agreement and Plan of Merger, dated as of October 29, 2017, by and between Vistra and Dynegy (Dynegy Merger Date) |
| EBITDA | earnings (net income) before interest expense, income taxes, depreciation and amortization |
| Effective Date | October 3, 2016, the date our predecessor completed its reorganization under Chapter 11 of the U.S. Bankruptcy Code |
| ESG | environmental, social and governance |
| ESS | energy storage system |
| Fitch | Fitch Ratings Inc. (a credit rating agency) |
| GAAP | generally accepted accounting principles |
| GHG | greenhouse gas |
| GWh | gigawatt-hours |
| Green Finance Framework | Framework adopted by the Company and made available on its website pursuant to which the Company may issue financial instruments to fund new or existing projects that support renewable energy and energy efficiency, with alignment to the Company's environmental, social, and governance strategy |
| Heat Rate | Heat Rate is a measure of the efficiency of converting a fuel source to electricity |
| ISO | independent system operator |
| ITC | investment tax credit |
| kW | kilowatt |
| LIBOR | London Interbank Offered Rate, an interest rate at which banks can borrow funds, in marketable size, from other banks in the London interbank market |
| load | demand for electricity |
| LTSA | long-term service agreements for plant maintenance |
| Market Heat Rate | Market Heat Rate is the implied relationship between wholesale electricity prices and natural gas prices and is calculated by dividing the wholesale market price of electricity, which is based on the price offer of the marginal supplier (generally natural gas plants), by the market price of natural gas. |
| MMBtu | million British thermal units |
| Moody's | Moody's Investors Service, Inc. (a credit rating agency) |
| MW | megawatts |
| MWh | megawatt-hours |
| NOX | nitrogen oxide |
| NYMEX | the New York Mercantile Exchange, a commodity derivatives exchange |
| NYSE | New York Stock Exchange |
| OPEB | postretirement employee benefits other than pensions |
| PrefCo Preferred Stock Sale | as part of the tax-free spin-off from EFH Corp. executed pursuant to the Third Amended Joint Plan of Reorganization filed by the parent company of our predecessor in August 2016 and confirmed by the U.S. Bankruptcy Court for the District of Delaware in August 2016 solely with respect to our predecessor (Plan of Reorganization) on the Effective Date, the contribution of certain of the assets of the predecessor and its subsidiaries by a subsidiary of TEX Energy LLC to Vistra Preferred Inc. (PrefCo) in exchange for all of PrefCo's authorized preferred stock, consisting of 70,000 shares, par value $0.01 per share |
| PTC | production tax credit |
| REP | retail electric provider |
| RTO | regional transmission organization |
| S&P | Standard & Poor's Ratings (a credit rating agency) |
| Series A Preferred Stock | Vistra's 8.0% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value, with a liquidation preference of $1,000 per share |
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| Series B Preferred Stock | Vistra's 7.0% Series B Fixed-Rate Reset Cumulative Green Redeemable Perpetual Preferred Stock, $0.01 par value, with a liquidation preference of $1,000 per share |
|---|---|
| Series C Preferred Stock | Vistra's 8.875% Series C Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value, with a liquidation preference of $1,000 per share |
| SG&A | selling, general, and administrative |
| SO2 | sulfur dioxide |
| SOFR | Secured Overnight Financing Rate, the average rate at which institutions can borrow U.S. dollars overnight while posting U.S. Treasury Bonds as collateral |
| ST | steam turbine |
| Tax Matters Agreement | Tax Matters Agreement, dated as of the Effective Date, by and among EFH Corp., Energy Future Intermediate Holding Company LLC, EFIH Finance Inc. and EFH Merger Co. LLC |
| TRA | Amended and Restated Tax Receivable Agreement, containing certain rights (TRA Rights) to receive payments from Vistra related to certain tax benefits, including benefits realized as a result of certain transactions entered into at the emergence of our predecessor from reorganization under Chapter 11 of the U.S. Bankruptcy Code as subsidiaries of a newly formed company, Vistra, on the Effective Date |
| TWh | terawatt-hours |
| U.S. | United States of America |
| Vistra Operations Commodity-Linked Credit Agreement | credit agreement, dated as of February 4, 2022 (as amended, restated, amended and restated, supplemented, and/or otherwise modified from time to time) by and among Vistra Operations, Vistra Intermediate, the lenders party thereto, the other credit parties thereto, the administrative agent, the collateral agent, and the other parties named therein |
| Vistra Operations Credit Agreement | credit agreement, dated as of October 3, 2016 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time), by and among Vistra Operations, Vistra Intermediate, the lenders party thereto, the letter of credit issuers party thereto, the administrative agent, the collateral agent, and the other parties named therein |
| Vistra Operations Credit Facilities | Vistra Operations senior secured financing facilities (see Note 9 to the Financial Statements) |
| Vistra Zero Credit Agreement | credit agreement, dated as of March 26, 2024 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time), by and among Vistra Zero Operating Company, LLC, the lenders party thereto, the administrative agent, and collateral agent, and the other parties named therein |
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