Vistra Corp.
For the period ended Jun 30, 2025. Filed Aug 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 8, 2025
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6. Property, Plant, and Equipment
- PROPERTY, PLANT, AND EQUIPMENT
Our property, plant, and equipment consist of our power generation assets, related mining assets, land, information systems hardware, capitalized corporate office lease space, and other leasehold improvements. Land and construction work in progress are not depreciated.
| June 30,2025 | December 31,2024 | |
|---|---|---|
| (in millions) | ||
| Power generation and structures | $22,298 | $22,783 |
| Office and other equipment | 173 | 160 |
| Land | 614 | 603 |
| Construction work in progress (a) | 1,557 | 1,060 |
| Finance lease right-of-use assets | 186 | 186 |
| Nuclear fuel | 2,006 | 1,843 |
| Property, plant and equipment — gross | 26,834 | 26,635 |
| Less accumulated depreciation | (8,541) | (8,020) |
| Less finance lease right-of-use assets accumulated amortization | (37) | (33) |
| Less accumulated amortization on nuclear fuel | (520) | (409) |
| Property, plant and equipment — net | $17,736 | $18,173 |
(a)In the second quarter of 2025, we recognized impairments of $68 million related to development projects we have no plans to complete.
Depreciation and amortization of property, plant, and equipment (including the classification in the condensed consolidated statements of operations) consisted of the following:
| Property, Plant, and Equipment · Condensed Consolidated Statements of Operations · Three Months Ended June 30, · Six Months Ended June 30, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2025 · 2024 · 2025 · 2024 | |||||||||
| (in millions) | |||||||||
| Power generation and structures and office and other equipment | Depreciation and amortization | $497 | $389 | $976 | $754 | ||||
| Finance lease right-of-use assets | Depreciation and amortization | 2 | 2 | 4 | 4 | ||||
| Nuclear fuel | Fuel, purchased power costs, and delivery fees | 122 | 97 | 237 | 146 | ||||
| Total property, plant, and equipment expense | $621 | $488 | $1,217 | $904 | |||||
Retirement of Generation Facilities
Below are our facilities that are retired or have an announced retirement date. Operating results for generation facilities with defined retirement dates are included in our Asset Closure segment in the calendar year the retirement occurs or is expected to occur. The Moss Landing 300 facility was transferred to the Asset Closure segment during the first quarter of 2025 as we do not plan to return the asset to operations. See Note 1 for additional information.
| Facility | Location | ISO/RTO | Fuel Type | Net Capacity (MW) | Expected or Actual Retirement Date (a) | Segment |
|---|---|---|---|---|---|---|
| Baldwin | Baldwin, IL | MISO | Coal | 1,185 | By the end of 2027 | East |
| Coleto Creek | Goliad, TX | ERCOT | Coal | 650 | By the end of 2027 | Texas |
| Kincaid | Kincaid, IL | PJM | Coal | 1,108 | By the end of 2027 | East |
| Miami Fort | North Bend, OH | PJM | Coal | 1,020 | By the middle of 2028 | East |
| Newton | Newton, IL | MISO | Coal | 615 | By the end of 2027 | East |
| Edwards | Bartonville, IL | MISO | Coal | 585 | Retired January 1, 2023 | Asset Closure |
| Total | 5,163 | |||||
(a)Expected retirement dates may change if economic or other conditions dictate.
The Company intends to repower Coleto Creek as a gas-fueled facility upon its retirement as a coal-fueled facility. We are currently evaluating the feasibility of converting the other coal-fueled facilities with expected retirement dates in 2027 and 2028 to gas-fueled facilities.
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