Vistra Corp., Texas' biggest power generator, is set to acquire Energy Harbor Corp. in a deal valued at $3.43 billion. The deal will merge Vistra's nuclear and retail businesses with Energy Harbor's nuclear and retail assets to create Vistra Vision, a new subsidiary holding company.
Vistra's renewables and storage projects will also be included in the new company.
Energy Harbor's two Ohio nuclear plants and the Beaver Valley nuclear plant in Pennsylvania will become part of Vistra's new subsidiary. The deal is expected to close in the second half of 2023, with Energy Harbor shareholders receiving a 15% equity stake in Vistra Vision, which will have approximately five million U.S. retail customers.
Vistra recently applied for a 20-year life extension for its two Comanche Peak reactors, potentially allowing them to operate through 2053. The four reactors acquired in the deal with Energy Harbor were originally slated for shutdown in 2021, but the retirement applications were rescinded in 2020.