Speaking at Vistra’s fourth quarter and full-year 2025 results call, President and CEO Jim Burke said 2025 had been “truly a transformational year” for the company, with strategic milestones including a 20-year power purchase agreement with Amazon Web Services (AWS) for up to 1,200 MW of power from Comanche Peak nuclear power plant in Texas, and the signature in January this year of 20-year power purchase agreements with Meta for more than 2,600 MW of energy, capacity, and uprates across the company’s nuclear facilities in the PJM regional transmission organisation area.
On 29 September, Vistra Corp notified the US Securities and Exchange Commission in a filing that it had entered into a 20-year power purchase agreement (with options to extend for up to an additional 20 years) for 1,200 MW of carbon-free power from Comanche Peak, anticipating delivery under the agreement to begin in the fourth quarter of 2027 and ramp to full capacity by 2032. At that time, the customer had not been named but was described in the filing as a “large, investment-grade company”.
In the 26 February earnings call, Burke said that under the agreement, Amazon will site a “facility or a property to utilise 1,200 megawatts of capacity” with initial energisation expected in 2027, and full ramp-up by 2032. The agreement also includes options to explore new nuclear development with specific focus on possible upgrades and small modular reactors, he added.
The agreements with Meta cover 2,176 MW of nuclear energy and capacity from the operating Perry and Davis-Besse plants in Ohio; plus the purchase of energy from uprates at those two plants and the Beaver Valley plant in Pennsylvania. “We expect delivery of the operating capacity of Perry to commence in December 2026 and Davis-Besse in December 2027. Uprate capacity remains longer dated, with Perry uprates expected to be online in 2031, with each subsequent year seeing an additional uprate online until all four upgrades are completed by 2034. From an operating perspective, the plants will continue to operate as they do today, with power flowing to the grid for the benefit of all customers,” Burke said.
The company still sees an opportunity to contract up to an additional 3.2 GW of nuclear capacity across its Beaver Valley and Comanche Peak sites, including potential upgrades of approximately 200 MW at Comanche Peak, Burke told investors.
“The financial impact from all of our nuclear PPAs is significant, providing the financial backing to operate these facilities for decades to come, and in the case of the PJM nuclear sites, apply for additional license renewals and extend site operations into the 2050s and 2060s,” he said.
