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Vistra Energy reaches agreement to acquire Energy Harbor

Vistra Energy (NYS: VST), the New York-listed retail electricity and power generation company, has reached an agreement to acquire Energy Harbor, the producer of retail energy intended to provide carbon free power. The deal is believed to be worth $3 billion, and will allow Vistra to take on a business leading the way to a clean energy future.

Energy Harbor operates the second largest non regulated nuclear fleet in the US, supplying around 33 terawatt hours of carbon free energy to customers in the PJM market. This is enough to power more than 3.5 million homes and businesses annually.

With Vistra Energy taking climate action, aiming for a 60% reduction in CO2e emissions by 2030, and net zero carbon emissions by 2050, this acquisition aligns with their strategy. There is clear proactivity in these goals from Vistra, as they have implemented Vistra Zero, a number of zero-carbon electricity generating sites currently sat across 3 states, Texas, Illinois and California. With 3,400 megawatts of generation currently active, and 7,300 megawatts in the pipeline, Vistra Zero aims to retire 5,163 megawatts of fossil-fueled power plants by 2027.

The share price movement upon announcement was significant. On market close on Friday 3rd March, share price was $21.41, then Monday 6th March when the deal was announced, share price rose through the day with trading volume up approximately 373% from the Friday, eventually closing the day at $24.38, indicating a rise of 13.9%. This movement shows how significant this acquisition will be for Vistra Energy, and shows the increasing value placed on clean energy generation.

With a strong pipeline of clean energy projects and short term retiring goals on traditional fossil fuel plants, Vistra energy looks to have made a strong acquisition to accelerate towards their goals. As a leader in providing retail energy in the US, their proactivity is not going unnoticed, and may indicate share prices to stay strong going forward.

Written by: Jack Clemmey

Sources: Pitchbook, Vistra Corp., Energy Harbor

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