On March 1, 2024, Vistra completed the acquisition of Energy Harbor, combining nuclear and retail businesses. This provides diversification and scale across carbon-free technologies.

In July 2024, the application for license renewal at Comanche Peak Nuclear Plant was approved by the NRC, extending licenses for Units 1 and 2 into 2050 and 2053, respectively. This ensures long-term operation of a key asset.

In May 2024, Vistra announced its intention to add up to 2,000 MW of natural gas-fueled electricity capacity in Texas, indicating a strategic shift towards resilient dispatchable assets.

In April 2024, the company issued $500 million of 6.000% senior secured notes due 2034 and $1.0 billion of 6.875% senior unsecured notes due 2032. The net proceeds from these issuances were used to refinance senior secured debt maturities in May 2024 and July 2024 and for general corporate purposes.

As of December 31, 2024, the total available liquidity was $4.121 billion. This provides financial flexibility for capital allocation decisions.

Vistra's carbon intensity for power generation improved from 0.56 short tons of CO2 per MWh in 2023 to 0.48 short tons of CO2 per MWh in 2024, a 15% year-over-year improvement driven by our Energy Harbor acquisition.

The company is subject to ongoing complex governmental regulations and legislation that have adversely impacted, and may in the future adversely impact, our businesses, results of operations, liquidity and financial condition.

Our revenues, results of operations and operating cash flows generally are affected by price fluctuations in the wholesale power market and other market factors beyond our control.

We have been and may in the future be materially and adversely affected by the effects of extreme weather conditions and seasonality.

The company faces intense competition from other electricity generators and retailers, impacting its ability to market and sell electricity at competitive prices.

The integrated business model combines a reliable generation fleet with commercial operations and a retail energy platform, mitigating commodity price fluctuations and enhancing cash flow stability.

Vistra is the largest producer of power in deregulated markets in the U.S. with annual expected generation of over 200 TWh as of December 31, 2024.

The company is focused on cost management to better withstand gross margin volatility, indicating an effort to improve operational efficiency.

The company may suffer material losses, costs and liabilities due to operational risks, regulatory risks, and the risk of nuclear accidents arising from the ownership and operation of the nuclear generation facilities.

The company's generation fleet has a total of 14 plants that have been awarded the Voluntary Protection Program (VPP) Star designation by the OSHA for superior demonstration of effective safety and health management systems and for maintaining injury and illness rates below the national averages for our industry.

The company has announced plans to develop additional battery ESS at retired or to-be-retired plant sites in Illinois, indicating investment in new technologies.

The company has announced plans to develop additional solar generation facilities in Texas, with expected commercial operation dates beginning in 2025.

Changes in technology, increased electricity conservation efforts, or energy sustainability efforts may reduce the value of our business, introduce new or emerging risks and may otherwise have a material adverse effect on us.

The company strives to make thoughtful decisions when allocating free cash flow to balance growth opportunities with returning capital to our stakeholders through share repurchases, dividends, and debt reduction.

In February 2024 and October 2024, the Board authorized incremental amounts of $1.5 billion and $1.0 billion, respectively, under our stock repurchase program established in October 2021.

During the year ended December 31, 2024, we paid dividends to common stockholders totaling $305 million.

The company is committed to sustainability, setting aggressive targets, and transitioning our fleet to low-to-no carbon resources, all while balancing our obligations to our stakeholders.

Vistra is targeting to achieve a 60% reduction in Scope 1 and Scope 2 CO2 equivalent emissions by 2030 as compared to a 2010 baseline with a long-term goal to achieve net-zero carbon emissions by 2050.

Evolving expectations from stakeholders, including investors, on ESG issues, including climate change and sustainability matters, and erosion of stakeholder trust or confidence could influence actions or decisions about our company and our industry and could adversely affect our business, operations, financial results, and stock price.

Multiple demand drivers such as emergence of large load data centers and electrification of oil field operations are expected to continue to accelerate load growth in the geographic regions we serve.

Extreme weather events can also materially impact power prices or otherwise exacerbate conditions or circumstances that result in volatility of power prices.

Changes to laws, rules or regulations related to market structures in the markets in which we participate may have a material adverse effect on our businesses, results of operation, liquidity and financial condition.