Gas fleet acquisitions (Lotus and Cogentrix)
Lotus plants are owned. The Cogentrix deal, about 5,500 MW of gas, has FERC approval and is expected to close in late 2026.
The numbers
What it is
Vistra bought seven gas plants from Lotus Infrastructure Partners in October 2025. It agreed in January 2026 to buy Cogentrix Energy's 10 gas plants, about 5,500 MW across PJM, ISO-New England and ERCOT, for an implied net price of about $4 billion.
Why it matters to the stock. Gas plants are the firm, dispatchable capacity that PJM and ERCOT need during peak demand. The Cogentrix deal would add a large amount of this capacity quickly.
News
Vistra Q2 2026 Adjusted EBITDA rises 31% to $1.77 billion; FERC clears Cogentrix
Vistra reported second-quarter 2026 Ongoing Operations Adjusted EBITDA of $1,767 million, up from $1,349 million a year earlier, and reaffirmed its 2026 guidance.
Vistra agrees to buy Cogentrix's 5.5 GW gas fleet for about $4 billion
Vistra signed definitive agreements to acquire Cogentrix Energy's portfolio of 10 modern natural gas plants with 5,496 MW of combined capacity, for a net price of about $4 billion.