Vistra Receives Nuclear Regulatory Commission Approval to Own & Operate Three Energy Harbor Nuclear Plants

Rhea-AI Summary

Vistra and Energy Harbor receive approval from the NRC to transfer operating licenses of three nuclear plants to Vistra, marking an important milestone in the acquisition process.

Positive

• Vistra's acquisition of Energy Harbor's nuclear plants moves closer to completion.
• Vistra aims to close the transaction before the end of the year.

Negative

• None.

Approval marks important milestone in acquisition process

IRVING, Texas, Sept. 29, 2023 /PRNewswire/ -- Vistra (NYSE: VST) and Energy Harbor today received approval from the Nuclear Regulatory Commission (NRC) to transfer the operating licenses of Energy Harbor's three nuclear plants – Beaver Valley, Davis-Besse, and Perry – to Vistra.

Vistra announced in March that it intended to accelerate the growth of its zero-carbon generation portfolio through the purchase of Energy Harbor, including its 4,000-megawatt nuclear generation fleet and retail business of ~1 million customers, pending regulatory approvals.

"This is an important step in the acquisition process and is evidence of Vistra's strong technical and financial qualifications, as we have demonstrated over the past 30+ years with our Comanche Peak Nuclear Power Plant," said Jim Burke, Vistra president and CEO. "We are excited about this opportunity to invest in nuclear power, which plays a critical and unique role in our nation's responsible energy transition as a baseload, carbon-free source of power."

The NRC's thorough and timely review of the license transfer application brings this transaction closer to completion. To finalize the acquisition, Vistra awaits a decision from the Federal Energy Regulatory Commission (FERC) on its request for approval of the transaction.

Vistra continues to target closing the transaction before the end of the year.

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. With operations in 20 states and the District of Columbia, Vistra combines an innovative, customer-centric approach to retail with safe, reliable, diverse, and efficient power generation. Learn more at vistracorp.com.

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SOURCE Vistra Corp.