Vistra Commits $1B for New 860MW Gas-Fired Permian Power

SECAUCUS, NJ (DTN) — Vistra Corp announced on Monday (9/29) it was investing $1 billion to build 860 MW of new natural gas-fueled capacity to feed the booming energy demands of West Texas, doubling down on its Permian Basin power generation.

The commitment, which comes as Texas grapples with grid reliability concerns, is a “final investment decision” on a key element of Vistra’s capital plan to strengthen the state’s ERCOT grid, the company said.

“Based on our ongoing conversations with customers, we are affirming our multi-year plan to add more than 2,000 MW of new capacity in ERCOT between 2024 and 2028,”  Jim Burke, president and CEO of Vistra, said in a statement.

The two new units will be situated at the existing Permian Basin Power Plant, more than tripling the site’s capacity from more than tripling the site’s capacity from 325 MW to 1,185 MW.

Vistra is targeting Texas’ expanding oil and natural gas industries, whose intensive energy needs have strained local infrastructure. The Permian expansion brings its total new generation investment in the state since 2020 to approximately 3,100 MW.

Beyond the new gas units, Vistra is nearing completion on the Oak Hill solar project and is on track to repower the retiring Coleto Creek Power Plant into a dispatchable gas facility. Vistra has also completed upgrades adding to its existing gas fleet over the past year.