Vistra and Constellation Secure Long-Term Power Agreements
Vistra (NYSE: VST) and Constellation (NASDAQ: CEG) are forging long-term agreements with major tech companies, including Amazon and Meta, to meet the growing energy demands of data centers. Vistra, the largest unregulated power producer in the U.S., generates 44,000 megawatts of energy from a mix of nuclear, natural gas, coal, and battery storage, while Constellation is the largest regulated producer of nuclear energy in the U.S. Both companies are seeing significant revenue growth fueled by these contracts.
In 2025, Vistra reported $17.7 billion in revenue, marking a 2.9% increase, while Constellation’s fourth-quarter revenue reached $6.07 billion, up 12.9% year-over-year. Vistra also plans to close a $4 billion acquisition of Cogentrix Energy, adding 5,500 MW of capacity, while Constellation’s recent acquisition of Calpine for $16.4 billion is expected to boost its earnings by over 20% in 2026.
Vistra has secured a 20-year contract to provide 1,200 MW of electricity from its Comanche Peak Nuclear Power Plant to Amazon Web Services and a 20-year contract for 2,600 MW with Meta. Constellation is pursuing similar agreements with both Microsoft and Meta as part of its growth strategy.
