Who Vistra buys from and sells to
Texas-centred power generator with nuclear, gas and coal plants, selling into wholesale markets and to 5M retail customers.
Part of Power Grid and Clean Energy Infrastructure spending
Buys from 3
- Natural gas producers and pipelinesfuel for the ERCOT and PJM gas fleet
- Nuclear fuel vendorsuranium, enrichment and fuel assemblies for the nuclear units
- Cogentrix Energyabout 5.5 GW of gas plants being bought in 2026
Sells to 4
- MetaMETAnuclear output from Perry, Davis-Besse and Beaver Valley2,609 MW under 20-year PPAs signed Jan 2026 (FY2025 10-K)
- AmazonAMZNcarbon-free power from Comanche Peak for AWS1,200 MW under a 20-year PPA (FY2025 10-K)
- Retail customers (TXU Energy and others)electricity and gas for homes and businesses~5 million customers (FY2025 10-K)
- ERCOT and PJM marketswholesale energy and capacity
Where the chain could break
- Earnings tied to ERCOT price spikes and PJM capacity auctions, both set by rules regulators keep changing
- Long-dated nuclear deals concentrated with two buyers, Meta and Amazon
- Most of the fleet burns natural gas, so Henry Hub prices move margins directly
Competes with
- ConstellationCEGnuclear PPAs with hyperscalers
- NRG EnergyNRGTexas retail customers and ERCOT generation
- Talen EnergyTLNPJM nuclear and gas supply to data centres
Mapped by hand from filings and company reporting, as of October 2026. It shows the relationships that matter most, not every contract: most are never disclosed, and agreements change.