Core Insights - A major reliability project is underway in Fulton County, aimed at enhancing electric service and resilience for residents and businesses in the greater Toledo area, particularly benefiting Toledo Edison customers [1][2]. Project Overview - The project, led by American Transmission Systems, Inc. (ATSI), includes the construction of a new substation and a nine-mile-long 345-kilovolt (kV) transmission line to mitigate power outages in Delta Village, Fulton, Pike, Swan Creek, and York townships [2][3]. - A new electric substation is expected to be operational by December 2026, connected to the existing Sydney Substation via two new half-mile power lines, enhancing electricity supply and restoration capabilities during outages [4]. Infrastructure Investment - The project is part of FirstEnergy's broader $28 billion investment program, Energize365, aimed at modernizing the electric grid from 2025 to 2029, with over $200 million allocated for high-voltage grid enhancements in northwest Ohio [8]. - Since 2014, FirstEnergy's transmission companies have successfully reduced outages by 50% on high-voltage power lines exceeding 100-kV, demonstrating the effectiveness of strategic infrastructure investments [6]. Community Impact - The upgrades are designed to ensure reliable power supply during peak demand periods, such as heat waves and storms, and will incorporate backup power sources and advanced equipment for rerouting electricity during outages [7]. - The project supports the industrial growth in northwest Ohio, which has seen an influx of new jobs and families, aligning with the region's future energy needs [7].

Core Viewpoint - Vistra Corp. has announced a definitive agreement to acquire seven modern natural gas generation facilities with a total capacity of approximately 2,600 MW from Lotus Infrastructure Partners for $1.9 billion, enhancing its generation footprint in key markets [2][3]. Acquisition Details - The acquisition includes five combined cycle gas turbine (CCGT) facilities and two combustion turbine (CT) facilities located across PJM, New England, New York, and California, diversifying Vistra's natural gas fleet geographically [2][4]. - The purchase price of $1.9 billion translates to approximately $743 per kW, with an expected multiple of about 7x 2026 Adjusted EBITDA, excluding potential synergies [4][7]. - The transaction is expected to deliver immediate benefits to Vistra shareholders, including ongoing operations adjusted free cash flow per share accretion in the first year following closing [4][7]. Financial Aspects - Vistra plans to fund the acquisition through the assumption of an existing term loan from Lotus and cash on hand, with the term loan expected to be around 50% of the total consideration at closing [4][7]. - The company reiterates its capital allocation plan, targeting long-term net leverage of less than 3x, alongside a commitment to return capital to shareholders through $300 million in annual dividends and at least $1 billion in share repurchases each year [7]. Regulatory and Timing - The transaction is subject to regulatory approvals from the Federal Energy Regulatory Commission and the Department of Justice under the Hart-Scott-Rodino Act, with an expected closing date in late 2025 or early 2026 [5]. Portfolio Overview - The acquired portfolio includes the following assets: - Fairless, Pennsylvania: 1,320 MW, CCGT - Manchester, Rhode Island: 510 MW, CCGT - Garrison, Delaware: 309 MW, CCGT - Hazleton, Pennsylvania: 158 MW, CT - Beaver Falls, New York: 108 MW, CCGT - Syracuse, New York: 103 MW, CCGT - Greenleaf, California: 49 MW, CT - Total: 2,557 MW [4]. Company Background - Vistra is a leading integrated retail electricity and power generation company, focusing on reliability, affordability, and sustainability, operating a diverse fleet of energy resources [9].