Texas generation (ERCOT)
Texas Adjusted EBITDA more than doubled to $311 million in Q2 2026, with about 100% of expected 2026 output hedged.
The numbers
What it is
Gas, coal, nuclear and battery plants that sell power into the Texas market run by ERCOT. Output is sold forward under hedges, so earnings depend on the power prices that have not yet been locked in.
Why it matters to the stock. Texas power prices are set by scarcity during heat waves, and this segment is the most direct way to trade that scarcity.
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.
Earnings