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Retail Supplier Parent & Meta Sign 20-Year PPAs For Existing, Expanded Nuclear
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Vistra today announced that it has entered into 20-year PPAs with Meta to provide more than 2,600 megawatts of energy from a combination of three different Vistra nuclear plants in PJM to support Meta's operations
The Vistra-Meta agreements include 2,176 MW of operating generation and an additional 433 MW of combined power output increases, "which will be the largest nuclear uprates supported by a corporate customer in the United States," Vistra said
Specifically, Meta is purchasing from Vistra:
• 1,268 MW of energy and capacity from Vistra's operating Perry Nuclear Power Plant and 908 MW of energy and capacity from Vistra's operating Davis-Besse Nuclear Power Plant, and
• 213 MW of uprate energy and capacity from Perry, 80 MW of uprate energy and capacity from Davis-Besse, and 140 MW of uprate energy and capacity from Vistra's Beaver Valley Nuclear Power Plant.
Vistra in an 8-K stated, "To achieve the uprates, the Company expects to incur capital expenditures commencing in 2026 and extending through 2034, with less than 20% of the aggregate spend projected to occur by year end 2028. The precise timing and amount of the expenditures are in the process of being finalized and are subject to several contingencies and assumptions. Based on the expected payments to be received for the uprate energy and capacity and the expected after-tax spend profile for the uprates (including some lifecycle extension investments that the Company expected to otherwise make prior to seeking future license extensions), the Company expects these investments to meet or exceed its publicly communicated mid-teens levered return target. At full delivery of the PPAs and assuming Vistra’s 2026 Adjusted Free Cash Flow before Growth from Ongoing Operations guidance, Vistra expects incremental Adjusted Free Cash Flow before Growth accretion from the PPAs to be in the range of approximately 8%-10% related to operating energy and capacity and an additional approximately 5%-7% related to uprate energy and capacity. The Company expects to convert incremental Adjusted EBITDA to incremental Adjusted Free Cash Flow before Growth from the PPAs, which excludes capital expenditures associated with the uprates and tax impacts, at a weighted average ratio of approximately 80%."
Vistra said that more than 15% of the contracted capacity announced today will be new capacity added to the PJM region
Meta's purchases under the Vistra agreements will begin in late 2026, with additional capacity added to the grid through 2034, when the full 2,609 MW of power will be online.
Vistra said that the PPAs provide certainty for Vistra to pursue license renewal for each of the reactors, which would extend each license an additional 20 years.
Other Meta Nuclear Agreements
Separately, TerraPower and Meta announced an agreement to develop up to 8 Natrium reactor and energy storage system installations in the United States, totaling 2.8 GW of baseload nuclear generation capacity and an additional 1.2 GW of built-in storage
Separately, Oklo Inc. announced an agreement with Meta Platforms, Inc. that advances Oklo’s plans to develop a 1.2 GW nuclear power campus in Pike County, Ohio
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January 9, 2026
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Copyright 2026 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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