Vistra
36 named things its latest annual report says its results depend on, each in the company's own words. 24 of them are also named by other companies we've read.
Customers
Data centers / large load customers
earns fromnamed as a riskIf electricity demand does not grow at the rate expected, or if we are unable to execute on large load offtake opportunities, including under long-term power purchase or offtake agreements that we have entered into, our financial performance, growth opportunities, and stock price could be adversely impacted.Risk factors (Item 1A)
Suppliers
Unaffiliated transmission and distribution utilities
depends onnamed as a riskThe substantial majority of our retail operations depend on transmission and distribution facilities owned and operated by unaffiliated utilities to deliver the electricity that we sell to our customers.Risk factors (Item 1A)
Natural gas suppliers and railcar companies
depends onnamed as a riskCertain of our generation facilities rely on a limited number of counterparties, such as natural gas suppliers and railcar companies, to provide the necessary fuel.Risk factors (Item 1A)
Partners and platforms
ERCOT
concentrated in · 19,858 MW; 46% of net capacitynamed as a riskBecause ERCOT has one of the highest concentrations of wind and solar capacity generation and battery energy storage among U.S. markets, the ERCOT market is more susceptible to fluctuations in wholesale electricity supply due to intermittent wind and solar production and state of charge limitation from battery energy storage.Business (Item 1)
PJM Interconnection
operates innamed as a riskIn another example, the resolution of a number of filings pending at FERC could impact PJM capacity market rules in future years.Risk factors (Item 1A)
Nuclear Electric Insurance Limited
depends onnamed as a riskSuch accidents could also result in property damage to our nuclear plant and equipment, which could exceed coverage available under insurance provided by Nuclear Electric Insurance Limited.Risk factors (Item 1A)
NYISO
earns fromDue to the short-term nature of the NYISO-operated capacity auctions and a relatively liquid bilateral market for NYISO capacity products, we sell a significant portion of our NYISO capacity through bilateral transactions.Business (Item 1)
Other companies
Cogentrix Energy
$77,839,364named as a riskAlso, depending upon the reasons for not completing the Cogentrix Transactions, we may be required to pay Cogentrix Energy a termination fee of, as to the purchase agreement, $77,839,364, and, as to the merger agreement, $72,160,636.Risk factors (Item 1A)
Single derivative/credit counterparty
concentrated in · $331 million, or 46%, of our total net exposurenamed as a riskSignificant (i.e., 10% or greater) concentration of credit exposure exists with one counterparty, which represented an aggregate $331 million, or 46%, of our total net exposure as of December 31, 2025.Market risk (Item 7A)
Places
Texas
concentrated in · approximately 2.6 million customersThe largest portion of our retail operations are in Texas, where we provide retail electricity to approximately 2.6 million customers.Business (Item 1)
Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more
Russia
depends onnamed as a riskWe continue to take affirmative action by building strategic inventory and deploying mitigating strategies in our procurement portfolio to ensure we can secure the nuclear fuel needed to continue to operate our nuclear facilities through potential Russian supply disruption.Business (Item 1)
Also named by ALSN, ATR, AVY, AXP, BKR, BSX, C, CDNA and 50 more
Dallas-Fort Worth
concentrated innamed as a riskFor example, during some periods, transmission access is constrained in some areas of the Dallas-Fort Worth metroplex, where we have a significant number of customers.Risk factors (Item 1A)
Permian Basin
earns fromMultiple demand drivers such as emergence of large load data centers, including in response to transformations in technologies like artificial intelligence (AI) and electrification of oil field operations (specifically in the Permian Basin of west Texas), have accelerated, and are expected to continue to accelerate, load growth in the geographic regions we serve.Risk factors (Item 1A)
Also named by AESI, APA, ARLP, AROC, ATO, CRGY, CVX, DINO and 20 more
Hazards
Winter Storm Uri
named as a riskFor example, Winter Storm Uri in February 2021 had a material impact on our results of operations.Risk factors (Item 1A)
Winter Storm Fern
named as a riskFor example, severe winter storms across the U.S. such as Winter Storm Uri in February 2021 and Winter Storm Fern in January 2026, and extreme cold temperatures in the central U.S., including Texas, resulted in widespread wholesale power market volatility, substantial increases in the costs to procure sufficient fuel supply, and increased collateral posting requirements.Risk factors (Item 1A)
Commodities and inputs
Natural gas
exposed to its price · 26,989 MW; 62% of net capacitynamed as a riskWe purchase natural gas, coal, fuel oil, and nuclear fuel for our generation facilities, and higher than expected fuel costs, volatility, or disruption in these fuel markets may have an adverse impact on our costs, revenues, results of operations, financial condition and cash flows.Risk factors (Item 1A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Coal
depends on · 8,743 MW; 20% of net capacitynamed as a riskWe meet our fuel requirements at our coal-fueled generation facilities in PJM and MISO with coal purchased from multiple suppliers under contracts of various lengths and transported to the facilities by either railcar or barges.Business (Item 1)
Also named by AA, AEE, AEP, AES, ARLP, BKH, BRK/B, CNP and 19 more
Uranium
depends on · 6,448 MW; 15% of net capacityWe have nuclear fuel contracted to support all of our refueling needs through 2030.Business (Item 1)
Also named by AEE, AEP, CEG, DTE, DUK, ETR, EVRG, LEU and 2 more
Wholesale electricity
exposed to its pricenamed as a riskOur revenues, results of operations, and operating cash flows are affected by price fluctuations in the wholesale power market and other market factors beyond our control.Risk factors (Item 1A)
Also named by NRG
Regulators
Railroad Commission of Texas (RCT)
subject to · approximately $182 millionnamed as a riskAny revocation of a mining permit would mean that Luminant would no longer be allowed to mine lignite at the applicable mine to serve its generation facilities.Risk factors (Item 1A)
Also named by APA, ATO, DMLP, DVN, MUR, NRG, OKE, PR and 2 more
Federal Energy Regulatory Commission (FERC)
subject tonamed as a riskIn December 2025, FERC determined that PJM needs to update its market rules to facilitate large loads co-locating with generation resources.Business (Item 1)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Nuclear Regulatory Commission (NRC)
subject tonamed as a riskThe NRC may modify, suspend or revoke licenses and impose civil penalties for failure to comply with the Atomic Energy Act, the regulations under it or the terms of the licenses of nuclear generation facilities.Risk factors (Item 1A)
Also named by AEE, AEP, BRK/B, BWXT, CAH, CDRE, CEG, CW and 20 more
Public Utility Commission of Texas (PUCT)
subject tonamed as a riskMultiple potential changes have been and are being evaluated by the PUCT and the Texas Legislature for the ERCOT market, including Dispatchable Reliability Reserve Service that would facilitate compliance with a required reliability standard, the ultimate resolution of which is unknown.Risk factors (Item 1A)
Illinois Environmental Protection Agency
subject tonamed as a riskOnce the IEPA acts on our permit applications, we will reassess the decommissioning costs and adjust our ARO liabilities accordingly.Business (Item 1)
Laws and programs
Price-Anderson Act
subject to · $165.9 million per reactornamed as a riskOur potential exposure for the secondary layer of coverage is currently capped at $165.9 million per reactor but is subject to adjustment for inflation, and the total retrospective premium per reactor per incident is capped at $24.7 million in any one year.Risk factors (Item 1A)
Also named by BWXT, CDRE, CEG, CW, DUK, ETR, FLR, J and 5 more
Regional Greenhouse Gas Initiative (RGGI)
subject to · approximately 16 million short tons of CO2named as a riskOur generation facilities in Connecticut, Delaware, Maine, Massachusetts, New Jersey, New York and Rhode Island emitted approximately 16 million short tons of CO2 during 2025.Business (Item 1)
One Big Beautiful Bill Act
subject tonamed as a riskFor example, the OBBBA includes the enactment of several new proposals, including, but not limited to (i) a reinstatement of 100% accelerated depreciation for certain qualifying expenditures, (ii) an increase in the limit of certain interest that can be deducted by a corporation, (iii) accelerated phase-out of certain renewable energy tax credits associated with solar and wind projects, and (iv) additional requirements to qualify for enhanced renewable energy tax credits.Risk factors (Item 1A)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
EPA Coal Combustion Residuals rule
subject tonamed as a riskFor all of the above CCR matters, if certain corrective action measures, including groundwater treatment or removal of ash, are required at any of our coal-fueled facilities, we may incur significant costs that could have a material adverse effect on our financial condition, results of operations, and cash flows.Business (Item 1)
Also named by AES, D, ETR, LNT, MDU, NI, PEG, PNW and 1 more
EPA Good Neighbor Plan
subject tonamed as a riskSome of the recent regulatory actions, such as the EPA's Good Neighbor Plan for the 2015 Ozone NAAQS, the final rule to regulated GHG emissions that would replace the ACE rule, and actions under the Regional Haze program, if not repealed, altered, or invalidated by the courts could require us to install significant additional control equipment, resulting in potentially material costs of compliance for our generation units, including capital expenditures, higher operating and fuel costs and potential production curtailments or plant retirements.Risk factors (Item 1A)
EPA Effluent Limitation Guidelines
subject tonamed as a riskWe are currently evaluating this rule and the impact, if any, it might have on our announced plans to retire our remaining coal generation facilities in Illinois and Ohio by 2028 given that those facilities are under separate existing regulatory requirements to close by then.Business (Item 1)
Texas Energy Fund
subject tonamed as a riskChanges enacted by the Texas Legislature through Senate Bill 2627, the Powering Texas Forward Act, to administer Texas Energy Fund (TEF) programs, which include grants and loans to finance the construction, maintenance, modernization, and operation of electric facilities in Texas, may negatively impact our financial condition if it materially changes market fundamentals.Risk factors (Item 1A)
EPA power plant GHG rule
subject tonamed as a riskGiven our previously announced coal unit retirement commitments, our Martin Lake and Oak Grove plants are the only coal units that are subject to this rule.Business (Item 1)
Also named by ARLP
PJM Reliability Pricing Model capacity auction
earns fromnamed as a riskPJM proposed and FERC approved an administrative price ceiling below the maximum price for capacity, for capacity delivery years 2026-2027 and 2027-2028.Business (Item 1)
PJM reliability backstop auction
subject tonamed as a riskRecent proposals in PJM for an out-of-market reliability backstop auction for new dispatchable generation could similarly negatively impact our financial condition if it materially changes market fundamentals.Risk factors (Item 1A)
Inflation Reduction Act nuclear production tax credit
earns fromOur nuclear fleet is eligible for the nuclear PTC provided by the IRA which provides increasing levels of support as unit revenues decline below levels established in the IRA and is further adjusted annually for inflation over the duration of the program.Market risk (Item 7A)
Also named by PEG
California Global Warming Solutions Act cap-and-trade
subject toOur assets in California are subject to the California Global Warming Solutions Act, which required the California Air Resources Board (CARB) to develop a GHG emission control program to reduce emissions of GHGs in the state to 1990 levels by 2020.Business (Item 1)