Financial Data and Key Metrics Changes - Vistra Corp. reported a full-year adjusted EBITDA of $5.656 billion, exceeding the top end of the original guidance range, even before considering a $545 million benefit from the nuclear production tax credit recognized in Q4 [10][38] - The adjusted free cash flow before growth for 2024 was approximately $2.888 billion, implying a conversion ratio of about 57% from adjusted EBITDA [39] - The company reaffirmed its 2025 adjusted EBITDA guidance range of $5.5 billion to $6.1 billion and adjusted free cash flow before growth range of $3 billion to $3.6 billion [40] Business Line Data and Key Metrics Changes - The retail business achieved performance levels not seen in the past two decades, driven by strong customer account growth and disciplined margin management [9][18] - The generation team maintained a commercial availability of approximately 95% for gas and coal fleets, while the nuclear fleet achieved a capacity factor of 92% [16][17] Market Data and Key Metrics Changes - Actual load growth in PJM and ERCOT markets exceeded historical rates, with PJM reaching a winter peak load of 145 gigawatts and ERCOT approximately 80 gigawatts [26][27] - Load growth is expected to continue, with PJM and ERCOT revising long-term forecasts upwards, indicating a strong demand signal [27][29] Company Strategy and Development Direction - The company is focused on a diversified portfolio of generation assets, including nuclear and gas, combined with a strong retail business to navigate volatile power markets [11][20] - Vistra Corp. is developing contracted solar and battery projects and plans to convert its Toledo Creek coal plant to gas fuel by 2027 [15][21] - The company aims to return at least $1.3 billion to shareholders through dividends and share repurchases in 2025 and 2026 [45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on load growth and the evolving energy dynamics in primary markets [46] - The company is actively engaging with policymakers to address regulatory uncertainties and enhance grid reliability [34][36] Other Important Information - The company completed a unique acquisition, adding three nuclear sites and one million retail customers, and renewed a twenty-year license for the Comanche Peak nuclear power plant [9][10] - The Moss Landing site in California experienced a fire at one of its battery storage facilities, but no injuries were reported, and operations at other facilities resumed [23][24] Q&A Session Summary Question: Timeline for potential deals - Management indicated that the timing of announcements for data center deals depends on regulatory clarity and ongoing discussions with major hyperscalers [52][58] Question: Focus on Comanche Peak opportunity - Comanche Peak is currently viewed as the most attractive opportunity due to its land availability and construction timelines [62] Question: Commercial outlook and pricing levels - Management noted that while power prices have increased, they do not fully reflect the expected load growth, leading to cautious contracting strategies [65][66] Question: Additionality and load management - The company is exploring how to manage load growth from data centers while ensuring reliability for residential customers [74][75] Question: Update on gas plant colocation - Interest in gas sites is growing, with ongoing discussions about both existing and new gas plants for data centers [96][99] Question: Regulatory clarity and deal announcements - Management clarified that they are not waiting for full regulatory clarity before announcing deals, but ongoing legal proceedings raise questions about risk-sharing in contracts [138]