Vistra Corp

VST: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$19.00	Qjlg	Yqtlptpz

Texas Regulators Push Power Market Reforms to Legislature; Mixed Impacts for NRG, Vistra

Travis Miller

Jan 23, 2023

We are reaffirming our fair value estimates for NRG Energy ($37 per share) and Vistra Energy ($23) after the Texas Public Utilities Commission sent the state legislature a plan to revamp the state's electricity markets. We are reaffirming our no-moat and High Uncertainty ratings. Both stocks trade below our fair value estimates as of Jan. 23.

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