Vistra generates and sells electricity across multiple U.S. power markets, operating a mix of natural gas, nuclear, coal and battery storage generation assets, along with a retail electricity business that sells power directly to residential and business customers. Unlike regulated utilities that earn a set rate of return approved by regulators, Vistra largely sells power into competitive wholesale electricity markets, where prices fluctuate based on supply and demand rather than being fixed by a regulatory rate case. The company's nuclear plants provide steady, always-on power generation that has become increasingly valuable as demand for reliable, round-the-clock electricity from data centers has grown. Vistra's earnings can be considerably more volatile than a regulated utility's, since its revenue depends on wholesale power prices that can swing significantly with weather, fuel costs and overall electricity demand.