The Energy Harbor Merger, completed in March 2024, contributed to increased operating revenues and expenses in the first quarter of 2025. The merger provides diversification and scale across multiple carbon-free technologies and the retail business.

Vistra announced its intention to add up to 2,000 MW of dispatchable, natural gas-fueled electricity capacity in Texas. This includes building peaking plants and upgrading existing natural gas-fueled plants.

In 2023, the Perry Nuclear Plant filed a license extension application to operate through 2046, an additional 20 years beyond the existing license. A decision from the NRC is expected in late 2025.

Following the fire at the Moss Landing 300 MW energy storage facility, Vistra is working closely with regulatory authorities and investigating the cause. The company has accrued approximately $70 million in obligations related to the incident.

After a fire at Martin Lake Unit 1, Vistra expects the unit to return to service in late 2025. The company incurred approximately $30 million in capital expenditures during the three months ended March 31, 2025 to restore the unit to service.

The Board has authorized a $6.750 billion share repurchase program. Through May 2, 2025, 162,932,192 shares, at an average price of $31.96 per share, have been repurchased under this program.

Our industry is subject to uncertainties associated with the impact of rapidly evolving technology on U.S. electricity demand, as well as evolving political, regulatory and economic uncertainties.

Our industry continues to face ongoing supply chain constraints and labor shortages, which have reduced the availability of essential equipment and supplies for constructing new generation facilities, increased lead times for procuring materials and raised labor costs associated with maintaining our natural gas, nuclear, and coal fleet.

We are closely monitoring developments in the Russia and Ukraine conflict, specifically sanctions (or potential sanctions) against Russian energy exports and Russian nuclear fuel supply and enrichment activities, and actions by Russia to limit energy deliveries.

Our integrated retail electricity and power generation operations allows us to quickly respond to electricity demand changes. We are actively engaged in discussions with various counterparties regarding the potential long-term sale of power from our nuclear and gas facilities to support large-scale electricity consumers.

Our 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.

The company is monitoring and responding to various regulatory and legal challenges, including those related to SO2 designations, effluent limitation guidelines, coal combustion residuals rules, and regional haze.

We are proactively managing these constraints by continuously re-evaluating the business cases and timing of our planned development projects. This has led to the deferral of some planned capital expenditures for our renewables projects and could impact the economic feasibility of additional projects.

The Asset Closure segment is engaged in the decommissioning and reclamation of retired generation facilities and mines. By separately reporting the Asset Closure segment, management gains improved insights into the performance and earnings potential of Vistra's ongoing operations while actively monitoring the cost associated with decommissioning and reclaiming retired generation facilities, including mines.

Our announced plan is based on market reforms that policymakers passed in the 2023 Texas legislative session, which ERCOT and the PUCT are currently implementing. These market reforms are focused on grid reliability and proper market signals.

$251 million in letters of credit to support battery and solar development projects.

Building up to 860 MW of advanced simple-cycle peaking plants to be located in west Texas to support the increasing power needs of the region, including the state's oil and gas industry.

ERP system implementation

The Board has authorized a $6.750 billion share repurchase program. Through May 2, 2025, 162,932,192 shares, at an average price of $31.96 per share, have been repurchased under this program.

Capital expenditures, including nuclear fuel and excluding growth expenditures

Dividends per common share totaled $0.2235 and $0.2150 for the three months ended March 31, 2025 and 2024.

Our 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.

The Asset Closure segment is engaged in the decommissioning and reclamation of retired generation facilities and mines.

Million renewable energy certificates

Our industry is subject to uncertainties associated with the impact of rapidly evolving technology on U.S. electricity demand, as well as evolving political, regulatory and economic uncertainties.

Our announced plan is based on market reforms that policymakers passed in the 2023 Texas legislative session, which ERCOT and the PUCT are currently implementing. These market reforms are focused on grid reliability and proper market signals.

We are closely monitoring developments in the Russia and Ukraine conflict, specifically sanctions (or potential sanctions) against Russian energy exports and Russian nuclear fuel supply and enrichment activities, and actions by Russia to limit energy deliveries.