Vistra Moves to Extend Operation of 2,400-Megawatt Comanche Peak Nuclear Plant

Rhea-AI Summary

Vistra (NYSE: VST) announced plans to renew the licenses for its Comanche Peak Nuclear Power Plant, extending operations through 2053. This renewal will ensure the continued generation of 2,400 MW of zero-carbon electricity, enough to power approximately 1.2 million Texas homes. Comanche Peak has produced over 582 million megawatt-hours of emission-free electricity since 1990. The company is committed to a 60% reduction in greenhouse gas emissions by 2030, having already achieved over 72% of this target, underscoring its role in the energy transition.

Positive

• Extension of Comanche Peak's licenses ensures 2,400 MW of reliable, zero-carbon electricity generation through 2053.
• The plant has produced over 582 million megawatt-hours of emission-free electricity since its inception.
• Vistra aims for a 60% reduction in greenhouse gas emissions by 2030, with over 72% already achieved.
• Comanche Peak contributes significantly to the local economy and public services, paying over $30 million annually in taxes.

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• None.

License renewal would ensure continued reliable, baseload generation from Vistra's largest source of zero-carbon electricity

IRVING, Texas, Oct. 3, 2022 /PRNewswire/ -- Vistra (NYSE: VST) today announced that it is seeking to extend the operation of Luminant's Comanche Peak Nuclear Power Plant through 2053, an additional 20 years beyond its original licenses. The company has officially submitted its application for license renewal with the Nuclear Regulatory Commission.

"Comanche Peak is one of the lowest-cost and highest-performing nuclear power plants in the country and is a large, dispatchable source of carbon-free electricity," said Jim Burke, president and CEO of Vistra. "Renewing the licenses of this plant is critical for grid reliability and our environment and is a benefit to the economy, the local community, and our company."

The two-unit nuclear plant has a capacity of 2,400 MW – enough to power about 1.2 million Texas homes in normal conditions and 480,000 homes in periods of peak demand. Since it began operating in 1990, Comanche Peak has generated more than 582 million megawatt-hours of reliable, emission-free electricity.

Burke continued, "Our country is navigating a massive transition to cleaner sources of electricity, and at the same time, we cannot lose sight of reliability. Nuclear energy is uniquely positioned to provide that balance of emission-free power and always-on baseload capabilities. Our team stands ready to continue a proud tradition of safety, dependability, and operational excellence at Comanche Peak, and we are excited to be filing this application for extension."

Reliable, Clean, Emission-Free Electricity

Vistra has established a leading role in the energy transition with Comanche Peak Nuclear Power Plant at the center of Vistra Zero, its zero-carbon generation portfolio. With a robust pipeline of development projects, Vistra expects to have at least 7,300 MW of zero-carbon generation online by 2026 across Texas, California, and Illinois. The company is committed to a 60% reduction in greenhouse gas emissions by 2030, compared to a 2010 baseline, and we've already achieved more than 72% of that target.

Economic Engine for Local Economy

Comanche Peak is operated by more than 600 employees and more than 200 permanent contractors. Refueling outages for the two reactors, which routinely occur four times over a three-year period, require supplemental workers and bring in anywhere from 800-1,200 skilled technicians from across the country. These contractors are a source of substantial additional economic activity for hotels, restaurants, and related businesses in the area.

As the largest taxpayer in Somervell County, Texas, the plant pays more than $30 million a year in state and local taxes. Additionally, Comanche Peak donates thousands of dollars to community organizations, funds environmental protection programs, and takes part in civic engagement activities in both Somervell and Hood counties.

The current licenses for units 1 and 2 extend through 2030 and 2033, respectively. The company is applying to renew the licenses through 2050 and 2053, respectively.

About Vistra
Vistra (NYSE: VST) is a leading Fortune 500 integrated retail electricity and power generation company based in Irving, Texas, providing essential resources for customers, commerce, and communities. Vistra combines an innovative, customer-centric approach to retail with safe, reliable, diverse, and efficient power generation. The company brings its products and services to market in 20 states and the District of Columbia, including six of the seven competitive wholesale markets in the U.S. Serving approximately 4 million residential, commercial, and industrial retail customers with electricity and natural gas, Vistra is one of the largest competitive electricity providers in the country and offers over 50 renewable energy plans. The company is also the largest competitive power generator in the U.S. with a capacity of approximately 39,000 megawatts powered by a diverse portfolio, including natural gas, nuclear, solar, and battery energy storage facilities. In addition, Vistra is a large purchaser of wind power. The company owns and operates the 400-MW/1,600-MWh battery energy storage system in Moss Landing, California, the largest of its kind in the world. Vistra is guided by four core principles: we do business the right way, we work as a team, we compete to win, and we care about our stakeholders, including our customers, our communities where we work and live, our employees, and our investors. Learn more about our environmental, social, and governance efforts and read the company's sustainability report at https://www.vistracorp.com/sustainability/.

 

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SOURCE Vistra Corp.

FAQ

What recent announcement did Vistra make regarding its nuclear power plant?

Vistra announced plans to renew the licenses for its Comanche Peak Nuclear Power Plant, extending its operation through 2053.

How much electricity does the Comanche Peak Nuclear Power Plant generate?

The Comanche Peak Nuclear Power Plant generates 2,400 MW of electricity, enough to power approximately 1.2 million Texas homes.

What is Vistra's target for reducing greenhouse gas emissions?

Vistra aims for a 60% reduction in greenhouse gas emissions by 2030 and has already achieved over 72% of that target.

How will the Comanche Peak license renewal affect the local economy?

The license renewal will maintain over 600 jobs directly at the plant and support additional economic activities from contractors and local businesses.

When does the current license for Comanche Peak expire?

The current licenses for units 1 and 2 of Comanche Peak extend through 2030 and 2033.