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Revenue
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
Revenue Disaggregation

The following tables disaggregate our revenue by major source:
Year Ended December 31, 2024
RetailTexasEast (a)WestAsset ClosureEliminations / Corporate and OtherConsolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT$8,064 $— $— $— $— $— $8,064 
Retail energy charge in Northeast/Midwest (a)3,595 — — — — — 3,595 
Wholesale generation revenue from ISO/RTO— 399 1,351 228 — — 1,978 
Capacity revenue from ISO/RTO (b)— — 74 — — — 74 
Revenue from other wholesale contracts— 422 398 230 — — 1,050 
Total revenue from contracts with customers11,659 821 1,823 458 — — 14,761 
Other revenues:
Transferable PTC revenues (c)— 292 264 — — — 556 
Hedging revenues — realized1,241 (453)31 84 (8)— 895 
Hedging revenue — unrealized(168)700 143 329 9 — 1,013 
Intangible amortization and other revenues1 — (4)— — 2 (1)
Intersegment sales (d)64 4,034 3,404 6 — (7,508)— 
Total other revenues1,138 4,573 3,838 419 1 (7,506)2,463 
Total revenues$12,797 $5,394 $5,661 $877 $1 $(7,506)$17,224 
____________
(a)Includes ten months of revenue associated with operations acquired in the Energy Harbor Merger.
(b)Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $126 million of capacity sold offset by $52 million of capacity purchased. Net capacity purchased in each ISO/RTO included in fuel, purchased power costs, and delivery fees in the consolidated statement of operations includes capacity purchased of $139 million offset by $116 million of capacity sold within the East segment.
(c)Represents transferable PTCs generated from qualifying nuclear and solar assets during the period.
(d)East segment includes $195 million of intersegment unrealized net losses, and Texas and West segments include $74 million and $4 million, respectively, of intersegment unrealized net gains from mark-to-market valuations of commodity positions with the Retail segment.
Year Ended December 31, 2023
RetailTexasEastWestAsset ClosureEliminations / Corporate and OtherConsolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT$7,674 $— $— $— $— $— $7,674 
Retail energy charge in Northeast/Midwest1,642 — — — — — 1,642 
Wholesale generation revenue from ISO/RTO— 1,190 1,298 421 — — 2,909 
Capacity revenue from ISO/RTO (a)— — 98 — — — 98 
Revenue from other wholesale contracts— 505 797 179 — — 1,481 
Total revenue from contracts with customers9,316 1,695 2,193 600 — — 13,804 
Other revenues:
Transferable PTC revenues (b)
— 10 — — — — 10 
Hedging revenues — realized
1,063 (885)43 67 (36)— 252 
Hedging revenue — unrealized
191 (714)958 243 36 — 714 
Intangible amortization and other revenues
2 — (5)— — 2 (1)
Intersegment sales (c)
— 3,873 2,701 4 — (6,578)— 
Total other revenues1,256 2,284 3,697 314 — (6,576)975 
Total revenues$10,572 $3,979 $5,890 $914 $— $(6,576)$14,779 
____________
(a)Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $233 million of capacity sold offset by $135 million of capacity purchased. Net capacity purchased in each ISO/RTO included in fuel, purchased power costs, and delivery fees in the consolidated statement of operations includes capacity purchased of $82 million offset by $73 million of capacity sold within the East segment.
(b)Represents transferable PTCs generated from qualifying solar assets during the period.
(c)East segment includes $814 million of intersegment unrealized net gains, and Texas and West segments include $48 million and $6 million, respectively, of intersegment unrealized net losses from mark-to-market valuations of commodity positions with the Retail segment.
Year Ended December 31, 2022
RetailTexasEastWestAsset ClosureEliminations / Corporate and OtherConsolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT$6,971 $— $— $— $— $— $6,971 
Retail energy charge in Northeast/Midwest2,139 — — — — — 2,139 
Wholesale generation revenue from ISO/RTO— 1,277 1,987 467 562 — 4,293 
Capacity revenue from ISO/RTO (a)— — 76 — 27 — 103 
Revenue from other wholesale contracts— 696 1,256 151 22 — 2,125 
Total revenue from contracts with customers9,110 1,973 3,319 618 611 — 15,631 
Other revenues:
Hedging revenues — realized
875 (67)(247)35 (333)1 264 
Hedging revenue — unrealized
(532)(637)(770)(326)102 — (2,163)
Intangible amortization and other revenues
2 — (6)— — — (4)
Intersegment sales (b)
— 2,609 2,133 9 4 (4,755)— 
Total other revenues345 1,905 1,110 (282)(227)(4,754)(1,903)
Total revenues$9,455 $3,878 $4,429 $336 $384 $(4,754)$13,728 
____________
(a)Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $361 million of capacity sold offset by $285 million of capacity purchased. The Asset Closure segment includes $27 million of capacity sold. Net capacity purchased in each ISO/RTO included in fuel, purchased power costs, and delivery fees in the consolidated statement of operations includes capacity purchased of $212 million offset by $167 million of capacity sold within the East segment.
(b)Texas and East segments include $780 million and $45 million, respectively, of intersegment unrealized net losses and West and Asset Closure segments include $2 million and $4 million respectively, of intersegment unrealized net gains from mark-to-market valuations of commodity positions with the Retail segment.

Retail Energy Charges

Revenue is recognized when electricity is delivered to our customers in an amount that we expect to invoice for volumes delivered or services provided. Sales tax is excluded from revenue. Payment terms vary from 15 to 60 days from invoice date. Revenue is recognized over-time using the output method based on kilowatt hours delivered. Energy charges are delivered as a series of distinct services and are accounted for as a single performance obligation.

Energy sales and services that have been delivered but not billed by period end are estimated. Accrued unbilled revenues are based on estimates of customer usage since the date of the last meter reading provided by the independent system operators or electric distribution companies. Estimated amounts are adjusted when actual usage is known and billed.

As contracts for retail electricity can be for multi-year periods, the Company has performance obligations under these contracts that have not yet been satisfied. These performance obligations have transaction prices that are both fixed and variable, and that vary based on the contract duration and customer type. For the fixed price contracts, the amount of any unsatisfied performance obligations will vary based on customer usage, which will depend on factors such as weather and customer activity and therefore it is not practicable to estimate such amounts.
Wholesale Generation Revenue from ISOs/RTOs and Revenue from Other Wholesale Contracts

Wholesale generation revenue is recognized when volumes are delivered to the ISO/RTO. Other wholesale contracts include other revenue activity with the ISO/RTO, such as ancillary services, auction revenue, neutrality revenue and revenue from nonaffiliated retail electric providers, municipalities or other wholesale counterparties. Wholesale revenues are recognized over time using the output method based on kilowatt hours delivered or other applicable performance measurements and cash is settled shortly after invoicing. Vistra operates as a market participant within ERCOT, PJM, ISO-NE, NYISO, MISO and CAISO and expects to continue to remain under contract with each ISO/RTO indefinitely. Wholesale revenues are delivered as a series of distinct services and are accounted for as a single performance obligation. When electricity is sold to and purchased from the same ISO/RTO in the same period, the excess of the amount sold over the amount purchased is reflected in wholesale generation revenues.

Capacity Revenue From ISO/RTO

We offer generation capacity into competitive ISO/RTO auctions in exchange for revenue from awarded capacity offers. Capacity ensures installed generation and demand response is available to satisfy system integrity and reliability requirements. Capacity revenues are recognized when the performance obligation is satisfied ratably over time as our power generation facilities stand ready to deliver power to the customer. Penalties are assessed by the ISO/RTO against generation facilities if the facility is not available during the capacity period and are recorded as a reduction to revenue. When capacity is sold to and purchased from the same ISO/RTO in the same period, the excess of the amount sold over the amount purchased is reflected in capacity revenue from ISO/RTO.

Other Revenues

Other revenues, as included in the tables of disaggregated revenue above, represent amounts not accounted for under ASC 606, Revenue from Contracts with Customers and are comprised of the following:

•Transferable production tax credit revenues accounted for as income-related grants by analogy to IAS 20 (see Note 4 for additional information).
•Intangible amortization of acquired intangible liabilities related to retail and wholesale contracts (see Note 7 for additional information).
•Hedging revenue from electricity and natural gas derivative contracts accounted for under ASC 815, Derivatives and Hedging, including the impact of realized and unrealized gains or losses on those contracts (see Note 11 for additional information).
•Intersegment sales are presented by segment and eliminated in consolidation.

Contract and Other Customer Acquisition Costs

We defer costs to acquire retail contracts and amortize these costs over the expected life of the contract. The expected life of a retail contract is calculated using historical attrition rates, which we believe to be an accurate indicator of future attrition rates. The deferred acquisition and contract cost balance as of December 31, 2024 and 2023 was $114 million and $97 million, respectively. The amortization related to these costs during the years ended December 31, 2024, 2023, and 2022 totaled $97 million, $88 million, and $83 million respectively, recorded as SG&A expenses, and $6 million, $6 million, and $6 million, respectively, recorded as a reduction to operating revenues in the consolidated statements of operations.

Practical Expedients

The majority of our revenues are recognized under the right to invoice practical expedient, which allows us to recognize revenue in the same amount that we have a right to invoice our customers. Unbilled revenues are recorded based on the volumes delivered and services provided to the customers at the end of the period, using the right to invoice practical expedient. We have elected to not disclose the value of unsatisfied performance obligations for contracts with variable consideration for which we recognize revenue using the right to invoice practical expedient. We use the portfolio approach in evaluating similar customer contracts with similar performance obligations. Sales taxes are not included in revenue.
Performance Obligations

As of December 31, 2024, we have future fixed fee performance obligations that are unsatisfied, or partially unsatisfied, relating to capacity auction volumes awarded through capacity auctions held by the ISO/RTO or contracts with customers for which the total consideration is fixed and determinable at contract execution. Capacity revenues are recognized as the performance obligations to make capacity available to the related ISOs/RTOs or counterparties are met.

20252026202720282029
2030 and Thereafter
Total
(in millions)
Remaining performance obligations
$1,123 $825 $289 $122 $62 $548 $2,969 

Trade Accounts Receivable
December 31,
2024		December 31,
2023
(in millions)
Wholesale and retail trade accounts receivable$2,061 $1,735 
Allowance for credit losses(79)(61)
Trade accounts receivable — net$1,982 $1,674 
Trade accounts receivable from contracts with customers — net$1,514 $1,239 
Other trade accounts receivable — net468 435 
     Total trade accounts receivable — net $1,982 $1,674 
Gross trade accounts receivable as of December 31, 2024 and December 31, 2023 include unbilled retail revenues of $802 million and $614 million, respectively.

Allowance for Credit Losses on Accounts Receivable
Year Ended December 31,
202420232022
(in millions)
Allowance for credit losses on accounts receivable at beginning of period$61 $65 $45 
Increase for bad debt expense183 164 179 
Decrease for account write-offs(165)(168)(159)
Allowance for credit losses on accounts receivable at end of period$79 $61 $65