Core Viewpoint - Vistra Corp (NYSE:VST) has been upgraded to investment grade by S&P Global Ratings, reflecting a stable outlook and strong business fundamentals [1][2]. Group 1: Credit Rating Upgrade - S&P Global Ratings upgraded Vistra Corp's credit rating from BBB+ to BBB- due to its stable outlook and recent strategic moves [1][2]. - The upgrade is attributed to a power purchase agreement for the Comanche Peak Nuclear Power Plant and the acquisition of natural assets from Lotus Infrastructure Partners [2]. Group 2: Business Expansion and Portfolio Diversification - The acquisitions have enhanced Vistra's diverse generation portfolio, adding efficient assets in competitive markets such as PJM, New England, New York, and California [3]. - Increased capacity at PJM is viewed as credit-positive, supported by strong market fundamentals leading to favorable auction results [3]. Group 3: Financial Outlook - S&P Global Ratings indicates that Vistra's risk profile has significantly improved, leading to better long-term cash flow visibility [4]. - The company is expected to achieve an adjusted debt to EBITDA ratio in the mid-3.0x range by year-end, decreasing to between 2.6x and 2.8x by 2026 and 2027 [4]. Group 4: Analyst Coverage and Price Target - KeyBanc initiated coverage of Vistra Corp with an Overweight rating and a price target of $217, citing the company's scale, diversified generation mix, and strong cash flow as indicators of long-term prospects [5].

Market Overview - The S&P BSE Sensex fell over 300 points, trading below 84,300, while the NSE Nifty 50 slipped below 25,750 [1][14] - The Nifty and Sensex have declined about 0.9% over the past three sessions, pressured by worries over foreign fund outflows and the rupee's slide to record lows amid stalled progress on an India-U.S. trade agreement [2][14] Foreign Institutional Investment - Foreign institutional investors (FIIs) returned to the buy side, snapping an eight-session selling streak, purchasing equities worth approximately Rs 1,172 crore on December 17, while domestic institutional investors were also net buyers with purchases of roughly Rs 769 crore [4][14] - Despite FII buying and net institutional buying, the market drifted down, possibly due to FIIs increasing their short positions, indicating a near-term sell on rally strategy [6][14] Economic Indicators - Concerns exist regarding the potential for the Japanese central bank to raise rates, which could trigger a reversal of the 'yen carry trade' and lead to further selling by FIIs [7][14] - The Indian rupee edged higher, rising 6 paise to 90.32 against the U.S. dollar, as investors assessed the Reserve Bank of India's intervention in currency markets [13][14] Global Market Trends - Asian stocks fell, with MSCI's broad Asia-Pacific index excluding Japan dropping 0.5%, and major markets like South Korea, Hong Kong, and Japan experiencing declines [8][14] - U.S. equity futures showed slight gains after a tech-led decline on Wall Street, with Nasdaq futures rising 0.3% and S&P 500 futures gaining 0.2% [8][14] Commodity Market Developments - Oil prices advanced as traders weighed the risk of tighter global supply due to potential new sanctions on Russian crude exports and disruptions from a blockade of Venezuelan oil tankers [11][12][14] - Precious metals cooled after a strong rally, with spot gold slipping 0.3% to $4,330 an ounce and silver easing 0.2% to $66.17 [9][14]

17 December 2025 | 6:26PM EST Commodities Research Power Comment: Record Highs for US Data Center Growth and PJM Power Prices Hongcen Wei +1(212)934-4691 | hongcen.wei@gs.com Goldman Sachs & Co. LLC Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Source: Aterio, Goldman Sachs Global Investment Research Samantha Dart +1(212)357-9428 | samantha.dart@gs.com Goldman Sachs & Co. LLC 1 A PJM power generation capacity auction price is the uniform rate all selected power providers get p ...

Core Viewpoint - Talen Energy Corporation reported significant capacity revenues from the PJM Base Residual Auction for the 2027/2028 planning year, clearing 8,745 megawatts at a price of $333.44 per megawatt-day, resulting in approximately $1,067 million in revenues [1] Group 1: Company Overview - Talen Energy is a leading independent power producer and energy infrastructure company, operating approximately 13.2 gigawatts of power infrastructure in the U.S., including 2.2 gigawatts of nuclear power [2] - The company produces and sells electricity, capacity, and ancillary services in wholesale U.S. power markets, with generation assets located in the Mid-Atlantic, Ohio, and Montana [2] - Talen is positioned to support the growing demand for reliable, clean power from artificial intelligence data centers, contributing to the digital infrastructure revolution [2] Group 2: Financial Performance - The company cleared a total of 8,745 megawatts in the PJM Base Residual Auction, equating to capacity revenues of approximately $1,067 million for the 2027/2028 planning year [1] - The clearing price of $333.44 per megawatt-day reflects the market dynamics and demand for capacity in the PJM Interconnection Regional Transmission Organization [1]

Group 1 - Capital Power Corporation announced that less than one million Series 1 Shares were tendered for conversion into Series 2 Shares, resulting in no Series 2 Shares being issued at this time [1] - There are 5,000,000 Series 1 Shares listed on the Toronto Stock Exchange under the symbol CPX.PR.A, with an annual fixed dividend rate reset to 4.95800% effective December 31, 2025 [2] Group 2 - Capital Power is a growth-oriented power producer with approximately 12 GW of power generation capacity across 32 facilities and battery energy storage in North America [5]

Core Viewpoint - Conduit Power, LLC has secured financial agreements with Diamondback Energy, Inc. and Granite Ridge Resources for the development of 200 megawatts of new natural gas power generation assets aimed at supplying energy and ancillary services to ERCOT, Texas's largest power grid operator [1]. Group 1 - Conduit Power is developing 200 megawatts of new natural gas power generation assets [1]. - The agreements involve collaboration with Diamondback Energy and Granite Ridge Resources [1]. - The energy produced will be sold to the Electric Reliability Council of Texas (ERCOT) [1].

[music] Good Wednesday morning. Welcome to opening bid. I'm Yahoo Finance [music] executive editor Brian Sazzy and after an absolutely brutal workout last night, I am searching for some comfort.[music] And where do I find that comfort. You are wondering, diving to all things individual stocks. Hey, we all have our thing [music] and stocks and workouts are mine.Here's where my head is at right now. Now, lock yourself in a room [music] and have a deep think on this dose of research from the team at Barclays o ...

Core Viewpoint - TransAlta has been mandated by the Energy Department to maintain operations at a coal-fired power station in Washington state that was previously scheduled for closure [1] Company Summary - TransAlta is required to keep the coal-fired power station operational for an additional 90 days, indicating a shift in regulatory requirements that may impact the company's operational strategy and financial planning [1]

Core Viewpoint - Goldman Sachs analyst Joe Ritchie has raised the price target for GE Vernova (GEV) to $840 from $735 while maintaining a Buy rating on the shares, indicating a positive outlook for the company in the power market [1]. Group 1: Financial Projections - GE Vernova's 2028 targets have been significantly revised upwards, projecting $52 billion in revenue [1]. - The company anticipates achieving a 20% adjusted EBITDA margin by 2028 [1]. - GE Vernova expects to generate at least $22 billion in cumulative free cash flow from 2025 to 2028 [1]. Group 2: Market Position - The power market is seen as being at an early inflection point, with GE Vernova positioned as a leading option for investors seeking exposure [1].

Core Viewpoint - TransAlta Corporation's subsidiary, TransAlta Centralia Generation LLC, has received a mandate from the U.S. Department of Energy to keep Centralia Unit 2 operational for 90 days until March 16, 2026 [1][2]. Group 1: Company Operations - TransAlta operates a diverse fleet of electrical power generation assets across Canada, the U.S., and Australia, focusing on long-term shareholder value [3]. - The company is one of Canada's largest producers of wind power and the largest producer of thermal generation and hydro-electric power in Alberta [3]. - TransAlta has achieved a 70% reduction in greenhouse gas emissions, equating to 22.7 million tonnes of CO2e since 2015 [3]. Group 2: Corporate Responsibility and Sustainability - TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark [3]. - The company’s climate change management reporting adheres to the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations [3]. - TransAlta has received an upgraded MSCI ESG rating of AA, reflecting its commitment to sustainability [3].